Forex Technical Analysis: Trend potential – We are short towards 1.2197.


Technical observation

Since it bounced within the zone 1.2623-1.2605, GBP has been trading with an increasing bearish bias and today I expect a further rally to the lower side, In case you already picked short positions within the zone indicated above, I recommend that you remain in the trade with your take profit at 1.2197 and stop-loss at 1.2712, in case of a break below the level 1.2197, wait for a retracement to this line before you continue short with this pair, on the other hand, should there be a clear break below above the zone I mentioned earlier with a big green candle, I anticipate possible upwards movements towards level 1.2992.

Trade recommendation

Remain short with your take profit at 1.2197.

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