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 🙂