GBP/USD Long-Term Trend: Bearish
Key Resistance Levels: 1.2232, 1.2291, 1.2381
Key Support Levels: 1.2061, 1.1952, 1.1876
The price on the higher time frame has been in a strong downtrend for the last few weeks and showing very good momentum. There was good momentum when the price broke a support level of 1.2998. Recently the pair has broken another support level of 1.2405 and the bearish bias looks strong.
GBP/USD Medium-Term Trend: Bearish
On the lower time frame, the pair is moving in the major trend’s direction. The price was trading in a range between 1.2291 and 1.2381 and then the lower band was broken. The pair has done a retest and continuing the momentum after facing resistance at the 1.2232 level.
Sell Stop Order @ 1.2164
TP 1 @ 1.2064
TP 2 @ 1.1964
Stop Loss @ 1.2264
Trade Safely 🙂