As my previous analysis on GBPUSD, the price rebounded from the support area to the resistance area for about 300 pips. Now wait for the correct price action to short using your own analysis. Is it going to form Double Top pattern?
May be it will go beyond your pointed resistance level to near 1.32500 and come back forming head and shoulder. This 1.31700 might be the neck area or it can go downward as you mentioned. we should wait for the levels to make a clear trend.
ZeonFx
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You are right. It might form HnS. Thanks for adding the info