Technical observation
Yesterday, the pair on the daily chart above penetrated below the support 1.2904 with a big red candle and is still rallying below it. As I stated yesterday, in case of clear break below 1.2904 I expect nothing but bearish momentum towards 1.2624.Right now GBP is moving on an increasing bullish movement and I expect a loss of this momentum at 1.2904 followed by possible bearish movements. I’m waiting for the rejection at 1.2904 to sell this pair with my take profit at1.2624 and stop loss around 1.3048.Should there be a break below 1.2624, I’ll wait for a confirmation of further bearish momentum before I continue short with GBP.
Technical levels
Resistance levels
R1.1.3111
R2.1.3155
R3.1.3248
Pivot
1.3067
Support levels
S1.1.3018
S2.1.2968
S3.1.2785
Trade signal
Sell GBP/USD at 1.2904.
Origin: FreshForex
