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GBP/USD Potential Downward Movement

GBP/USD Long-Term Trend: Bearish

Key Resistance Levels: 1.31153, 1.31895, 1.32512

Key Support Levels: 1.29652, 1.29120, 1.28680

Daily Chart:

The price on the higher time frame has been in a downtrend recently after it tested a major resistance level of 1.34230 and reversed the direction. The pair has continued to break a few support levels which suggests further trend continuation. 

GBP/USD Medium-Term Trend: Bearish

Hourly Chart:

On the lower time frame, the pair is moving in the major trend’s direction. It recently broke a key area around 1.30605 and has sustained below that. As of now the pair might retest that area before continuing the momentum.

Signal Idea:

Sell Limit Order @ 1.30492

TP @ 1.29765

Stop Loss @ 1.31216

Trade Safely 🙂

About Vipul Rathaur

A trader with more than six years of experience, Vipul is a discretionary trader and uses multi time frame analysis for his analysis and price action for his trade signals. Believes that risk management is the secret to making it in this world. He trades major Forex pairs, Indices, and Commodities.

7 comments

  1. Hey pat,
    I am one of your Vip forex member i have a doubt that:

    Is it open postion over night means removing stop losss?

  2. Is this still valid to be taken Pat?

  3. thanks!

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