Forex Technical Analysis: Trend potential – Short GBPUSD now

GBPUSD – Flat

Short GBPUSD now

Technical observation

GBP/USD has been trading on a downward trend, it went down a support zone 1.3805-1.3755 with a big red candle but just like EUR it has not corrected to the zone. Currently price is at a resistance line 1.3562, it was rejected from the it yesterday right now it is showing signs of bearish movements towards 1.3302, I’m looking to short GBP now with my take profit at 1.3302 and stop loss around 1.3664.In case price breaks above 1.3562 then is rejected at 1.3805-1.3755, you can still short GBP within the zone towards 1.3562.Only buy GBP if there’s a clear breach above 1.3508 with a big green candle and a correction to it.

Technical levels

Resistance levels

R1.1.3592

R2.1.3641

R3.1.3736

Pivot

1.3547

Support levels

S1.1.3497

S2.1.3452

S3.1.3358

Trade signal

Short GBP/USD now with your take profit at 1.3302 and stop loss around 1.3664.

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