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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 🙂

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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