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GBP/USD Potential Downward Movement

GBP/USD Long-Term Trend: Bearish

Key Resistance Levels: 1.24623, 1.25619, 1.26980

Key Support Levels: 1.23908, 1.23325, 1.22892

Daily Chart:

The price on the higher time frame has been in a downtrend recently after it faced resistance at a level of 1.27865 and reversed the direction. The pair has continued to break a few support levels which suggests further trend continuation.

GBP/USD Medium-Term Trend: Bearish

1-Hour Chart:

On the lower time frame, the pair is moving in the major trend’s direction. It broke a consolidation zone of 1.26980 and 1.25619 and has sustained below that. As of now the pair has broken and retested a minor level of 1.24623 before continuing the momentum,

Signal Idea:

Sell Stop Order @ 1.24325

TP @ 1.23986

Stop Loss @ 1.24719

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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