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GBP/USD Potential Downward Movement

GBP/USD Long-Term Trend: Bearish

Key Resistance Levels: 1.2232, 1.2291, 1.2381

Key Support Levels: 1.2061, 1.1952, 1.1876

Daily Chart:

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

1-Hour Chart:

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.  

Signal Idea:

Sell Stop Order @ 1.2164

TP 1 @ 1.2064

TP 2 @ 1.1964

Stop Loss @ 1.2264

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.

5 comments

  1. did this hit TP2

  2. Is this idea still valid?
    My trade just opened, should I double down on losses?

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