Weekly Forex Forecast for GBP/USD | Short Term Trading 08.12.

The British Pound has made a breakout from the Resistance level at 1.29710 last week and was flying up to the new Resistance Level at 1.31703.
On Friday the British Pound made a reversing hammer. This we think is a good price action indicator that the British Pound will bounce from this level.
Also, this resistance level is very strong and has been tested more times in the past. We think that the GBP US Dollar will come back to test
the breakout level at 1.29700 before he will rise again. The British pound is good for opening short positions now. We place our sell limit order at 1.31510
with a stop loss at 1.32211 and our take profits at 1.30460 1.30114 and the TP3 at 1.29620.

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