Forex Technical Analysis: Trend potential – expecting a surge to 1.1655


Technical observation

GBP is trading with an increasing bearish bias above the supportive level 1.1655 and I expect a continuation of this downwards movement to the same line followed by a rejection at it. In case you are holding short positions with the pair above, remain in the trade and pick your profits at 1.1655. If price is rejected at the level mentioned above, wait for another correction to the resistance zone 1.3439-1.3355 then re-sell GBP within it, and should there be a penetration below the level 1.1655, I expect price to plummet further after a pullback to the broken line. As it is on the chart above, I can only recommend bullish positions above the zone 1.3439-1.3355.

Trade recommendation

Remain short with your take profit at 1.1655.

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