Market Overview:
GBP/USD has been in an uptrend, forming a rising channel structure.
The price is now testing a resistance zone, potentially indicating a reversal.
Technical Analysis:
Trend: Bullish (but approaching key resistance)
Resistance Level: 1.29720 - 1.30000 (Highlighted Zone)
Support Level: 1.24906 (Potential target)
Stop Loss: 1.30970 (Above resistance)
Pattern: Rising Channel Breakout Setup
Trade Idea (Short Setup):
🔴 Sell Entry: Near 1.29720 (Resistance rejection confirmation)
✅ Target: 1.24906 (Major support zone)
⛔ Stop Loss: 1.30970 (Above resistance to avoid fakeouts)
Conclusion:
GBP/USD is testing key resistance and may face bearish rejection.
A break below the channel confirms bearish momentum towards 1.24906.
Traders may consider short positions with a defined risk-reward setup.
📉 Bearish bias unless price breaks above resistance.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.