Forex Technical Analysis: Trend potential – Looking to sell within 1.2383-1.2357


Technical observation

GBP has been trading with an increasing bullish bias for some time now and today I expect a continuation of this upwards movement towards the resistance zone 1.2383-1.2357 followed by a rejection within it to re-sell GBP with my take profit at the level 1.1993 and stop loss at 1.2517. Right now as it on the chart above, remaining neutral is ideal than picking any positions. Should there be a clear break above the zone 1.2383-1.2357 with a big green candle, wait for a correction to it before you pick long positions with your take profit at the resistance level 1.2653.

Trade recommendation

Wait for a pullback to the zone 1.2383-1.2357 to sell GBP.

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