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GBP/USD Potential Downward Movement

GBP/USD Long-Term Trend: Bearish

Key Resistance Levels: 1.3664, 1.3703, 1.3742

Key Support Levels: 1.3597, 1.3554, 1.3473

Daily Time-frame:

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

1-Hour Time-frame:

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.

Signal Idea:

Sell Stop Order @ 1.3618

TP 1 @ 1.3543

TP 2 @ 1.3500

Stop Loss @ 1.3654

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.

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