Forex Technical Analysis: Trend potential – We’re short at 1.2906


We're short at 1.2906

Technical observation

Recently GBP/USD gapped to the lower side of the 4 Hour chart above confirming possible further bearish movements, price then broke below a support 1.2906 with a big red candle before rising .Currently this pair is pulling back to the just broken zone and I expect nothing but a rejection of it at the line followed by downwards momentum towards 1.2797 and a possible break below it for a further decline in price towards the lowest support 1.2705 ,I’m waiting to pick short positions at 1.2906 with my first take profit at 1.2797 and the next at 1.2705 and my stop loss around 1.2957.Only short positions can be advisable.

Trade recommendation

Sell GBP/USD at 1.2906 with your take profit at 1.2797 and stop loss around 1.2975.

Do you know against which currencies GBP is the most profitable?

We're short at 1.2906

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