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GBP/USD Potential Downward Movement

GBP/USD Long-Term Trend: Bearish

Key Resistance Levels: 1.3808, 1.4000, 1.4235

Key Support Levels: 1.3670, 1.3590, 1.3450

Daily Chart:

The price managed to break the uptrend (white line) to the downside. Now, it is posting lower lows and highs where expect this to continue after the end of the correction.

GBP/USD Medium-Term Trend: Bearish

4-hour Chart:

On the 4-hr time frame, the price found sellers around the 50% Fibonacci retracement level and formed a head and shoulders around this level indicating that the correction is end. A higher correction might be seen to the neckline of this pattern and then move downward again toward the 1.3670 USD Level.

Signal Idea:

Sell Limit Order @ 1.3753

TP 1 @ 1.3672

TP 2 @ 1.3570

Stop Loss @ 1.3793

Trade Safely 🙂

About Joe Damien

Joe is a proven Forex analyst and manual trader with 6 years of full-time trading experience. He is a swing trader that relies on price action, market structure and Fibonacci retracement. His two most successful pairs are CHF/JPY, CAD/JPY, but his expertise allows him to profit on any asset or pair.

2 comments

  1. Hi joe damian do you send more then 1 signals a day?
    Am intresserad of ur Trading recomendation.

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