Forex Technical Analysis: Trend potential – Short GBP towards 1.3061.

GBPUSD – Flat

Technical observation

Yesterday, Price pulled back to the resistance zone 1.3313-1.3282 but could not penetrate above it and was rejected. Currently it is rallying down towards 1.3061 and I expect a breakout below it for further bearish movements of price towards 1.2798.You can short the pair now with your take profit at 1.3061 and stop loss slightly above 1.3313.In case of a breakout below 1.3061, continue short towards 1.2798 after a correction to 1.3061.Long positions may only be advisable in case of a clear breach above 1.3313 with a big green candle followed by a correction to it towards the resistance line 1.3556.

Technical levels

Resistance levels

R1.1.3224

R2.1.3255

R3.1.3335

Pivot

1.3178

Support levels

S1.1.3144

S2.1.3096

S3.1.3017

Trade signal

Short GBP/USD towards 1.3061.

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