GBP/USD Potential Downward Movement

GBP/USD Long-Term Trend: Bearish

Key Resistance Levels: 1.2163, 1.2244, 1.2312

Key Support Levels: 1.2040, 1.1979, 1.1939

Daily Chart:

The price on the higher time frame has been in a downtrend for some time and recently it did a pullback to the 1.2330 level and faced rejection. The pair has again continued the downtrend 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 broke the lower range after trading between a range of 1.2244 and 1.2312 for some time. As of now the 1.2163 level has been broken and retested before continuing the momentum.

Signal Idea:

Sell Stop Order @ 1.2105

TP 1 @ 1.2044

TP 2 @ 1.1983

Stop Loss @ 1.2166

Trade Safely 🙂