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GBP/USD Potential Downward Movement

GBP/USD Long-Term Trend: Bearish

Key Resistance Levels: 1.34399, 1.36226, 1.37000.

Key Support Levels: 1.32157, 1.29015, 1.28500.

Daily Chart:

The price on the higher time frame is in a clear downtrend movement where a series of lower highs and lows has been posted. We expect this to continue where the last correction most probably ended and we might see further movement to the downside.

1-Hr Chart:

On the lower time frame, the price found sellers around the 50% Fibonacci retracement level where a double top has been posted showing that the price is about to reverse and move to the downside. before this move a higher correction could be seen toward the highlighted zone.

Signal Idea:

Sell Limit Order @ 1.34373

TP 1 @ 1.33556

TP 2 @ 1.32157

Stop Loss @ 1.34779

Trade Safely 🙂

In many cases we manually use market orders instead of pending orders to trade the trading ideas we send you. This is higher risk, and you can decide if it suits your trading style.

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.

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