GBP/USD Long-Term Trend: Bearish
Key Resistance Levels: 1.3664, 1.3703, 1.3742
Key Support Levels: 1.3597, 1.3554, 1.3473
The price on the higher time frame has recently touched a resistance point and started reversing from there. If we look at the chart, it has been forming similar patterns for the past few months. There is a wick rejection from the resistance and we believe this could be the start of a bear move if the price maintains below the trendline.
GBP/USD Medium-Term Trend: Bearish
On the lower time frame, the price has shown a similar move as a daily chart, descending trendline with wick rejection. Price has also broken a support point of 1.3639 and there is momentum towards downward direction. The upper trendline should act as a resistance in the near term.
Sell Stop Order @ 1.3618
TP 1 @ 1.3543
TP 2 @ 1.3500
Stop Loss @ 1.3654
Trade Safely 🙂