GBP/USD shows the price moving within a clear downtrend. The price is currently testing the resistance level near 1.34252, where a possible sell zone has formed. The chart suggests that after reaching this level, the price may experience a pullback or reversal.
The sell zone support is indicated in the shaded areas, where price has previously found support. This suggests that the market might revisit these areas after the expected pullback. The entry points for short positions are marked at 1.28550, with a possible continuation towards the target near 1.22000.
The resistance level at 1.34252 is a key level to watch, as the price has struggled to break above it. A rejection at this level could trigger a bearish move, pushing the price towards the target at 1.22000.
Overall, the chart suggests a bearish outlook for GBP/USD, with potential opportunities to enter short positions around 1.28550 and aim for 1.22000 as the target. Traders should watch for price action around the resistance level to confirm the bearish reversal.
The sell zone support is indicated in the shaded areas, where price has previously found support. This suggests that the market might revisit these areas after the expected pullback. The entry points for short positions are marked at 1.28550, with a possible continuation towards the target near 1.22000.
The resistance level at 1.34252 is a key level to watch, as the price has struggled to break above it. A rejection at this level could trigger a bearish move, pushing the price towards the target at 1.22000.
Overall, the chart suggests a bearish outlook for GBP/USD, with potential opportunities to enter short positions around 1.28550 and aim for 1.22000 as the target. Traders should watch for price action around the resistance level to confirm the bearish reversal.
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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.