GBPUSD – Flat
Technical observation
GBP/USD is declining towards the support 1.2904, I expect a possible clear breach below it followed by a correction to it for possible downwards movement of price towards 1.2624.My advice, wait for a breakout below the line and a correction to it then pick short positions at it with your take profit at 1.2624 and stop loss slightly above 1.2904.In case of a break below 1.2624, wait for a pullback to it before you continue short with GBP. Should there be no break below 1.2904 but a bounce at it and a pull back to the resistance zone 1.3315-1.3281, you can still sell this pair within just mentioned zone after a rejection of price within it.
Technical levels
Resistance levels
R1.1.3111
R2.1.3155
R3.1.3248
Pivot
1.3063
Support levels
S1.1.3018
S2.1.2968
S3.1.2785
Trade signal
Wait for a breakout below 1.2904.
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