Hi traders! Analyzing GBP/USD on the 1H timeframe, spotting a potential rejection at the descending trendline:
🔹 Entry: 1.29660
🔹 TP: 1.28652
🔹 SL: 1.30650
Price is reacting to the descending trendline after testing a key resistance zone. This level has acted as dynamic resistance in the past, and price shows signs of rejection.
The RSI is in the overbought area, suggesting a possible pullback. If the bearish momentum confirms, we could see a clean move back down to the previous support levels.
⚠️ DISCLAIMER: This is not financial advice. Every trader must evaluate their own risk and strategy.
🔹 Entry: 1.29660
🔹 TP: 1.28652
🔹 SL: 1.30650
Price is reacting to the descending trendline after testing a key resistance zone. This level has acted as dynamic resistance in the past, and price shows signs of rejection.
The RSI is in the overbought area, suggesting a possible pullback. If the bearish momentum confirms, we could see a clean move back down to the previous support levels.
⚠️ DISCLAIMER: This is not financial advice. Every trader must evaluate their own risk and strategy.
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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.
🔥Eleva your trading game with some of the most powerful tools available today: tinyurl.com/3y3cjdx4
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.