Forex Technical Analysis: Trend potential – Wait for a pullback to 1.3314-1.3280

GBPUSD – Flat

Wait for a pullback to 1.3314-1.3280

Technical observation

Yesterday, GBP/USD went down to the support 1.3054 sending a tail to it but could not break below it.Currently it is rising towards1.3314-1.3280 and I expect a rejection of it within the zone for bearish momentum towards 1.3054.I also expect a breakout below 1.3054 followed by a correction to it for further decline in GBP towards 1.2792.Wait for a retracement to 1.3314-1.3280 then short the pair within it with your ideal target at 1.3054 and stop loss slightly above 1.3314.Continue short after a breakout below 1.3054 and a correction to it.Long positions may only be recommended above 1.3314-1.3280 towards1.3560.

Technical levels

Resistance levels

R1.1.3308

R2.1.3335

R3.1.3405

Pivot

1.3270

Support levels

S1.1.3237

S2.1.3194

S3.1.3124

Trade signal

Wait for a pullback to 1.3314-1.3280 then short GBP/USD within it with your take profit at 1.3054 and stop loss slightly above 1.3314.

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