Forex Technical Analysis: Trend potential – we are bearish towards 1.1779


Technical observation

GBP bounced within a resistance 1.2063-1.2051, and is currently trading with an increasing bearish momentum. As long as price is sustained below zone mentioned above, I expect a continuation of this downwards movement towards the supportive level 1.1779. If you are currently holding short positions with the pair above, remain in the trade with your take profit at 1.1779 and stop-loss at 1.2163, you can continue short after clear breakout below the level 1.1779 with a big red candle. Bullish movements of price towards the resistance level 1.2320 can be expected in case of a clear breakout above the zone 1.2063-1.2051.

Trade recommendation

Remain short with your take profit at 1.1779.

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