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GBP/USD Potential Downward Movement

GBP/USD Long-Term Trend: Bearish

Key Resistance Levels: 1.23767, 1.24135, 1.24740

Key Support Levels: 1.23412, 1.23136, 1.22959

4-Hour Chart:

The price on the higher time frame has been in a downtrend recently after it tested a resistance level of 1.25844 and reversed. The pair has continued to break a few support levels which suggests bearish bias.

GBP/USD Medium-Term Trend: Bearish

30-Minute Chart:

On the lower time frame, the pair is moving in the major trend’s direction. It broke a consolidation zone of 1.24740 and 1.24135 and sustained below that, As of now the pair has broken and retested a minor level of 1.23767 before continuing the momentum.

Signal Idea:

Sell Stop Order @ 1.23718

TP @ 1.23500

Stop Loss @ 1.23935

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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