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GBP/USD Potential Downward Movement

GBP/USD Long-Term Trend: Bearish

Key Resistance Levels: 1.3802, 1.3778, 1.3758      

Key Support Levels: 1.3859, 1.3895, 1.3900

Daily Chart:

The price on the higher time frame is trending to the downside where the price shifted direction around the 1.4220 USD level. The pair succeeded to break several supports and currently it is traded below the 1.3859 USD mark which shows that the sellers are still in control.

GBP/USD Medium-Term Trend: Bearish

4-Hour Chart:

On the lower time frame the price managed to break bearish flag formation to the downside. A higher correction is expected to the lower end of the flag before a new impulsive wave to the downside in the same direction of the main trend.

Signal Idea:

Sell Limit Order @ 1.3834

TP 1 @ 1.3803

TP 2 @ 1.3778                

Stop Loss @ 1.3846

Trade Safely 🙂

About Joe Damien

Joe is a proven Forex analyst and manual trader with 6 years of full-time trading experience. He is a swing trader that relies on price action, market structure and Fibonacci retracement. His two most successful pairs are CHF/JPY, CAD/JPY, but his expertise allows him to profit on any asset or pair.

2 comments

  1. How is it in the telegram notification told that the sell order triggered, while the price is still far away from the sell limit? You can check the timing + chart.

  2. Man, these are great, but you post them too late..

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