Forex Technical Analysis: Trend potential – We are bearish towards 1.1775


Technical observation

GBP is trading with an increasing bearish bias below the resistance zone 1.2318-1.2298 and as long as it is sustained below the same zone I expect a continuation of this downwards movement towards the supportive level 1.1775. In case you’re currently holding short positions with the pair above, remain in the trade with your take profit at 1.1775 and stop-loss at 1.2427. If price clearly breaks below the level 1.1775, I expect it to descend after a pullback to the broken line. However, in case of a clear break above the zone 1.2318-1.2298, I expect the value of GBP to rise towards the resistance level 1.2658 or even higher to 1.3194.

Trade recommendation

Remain short with your take profit at 1.1775.

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