GBP/USD Forecast Based on the Analysis
The chart suggests that GBP/USD is approaching a resistance area near 1.2920 - 1.2930. The analysis indicates that the price may struggle to break above this level and could reverse downward.
Bearish Trade Setup (Short Position)
1. Entry Point: Near 1.2920 - 1.2930, once price shows rejection (e.g., bearish candlestick patterns like a pin bar, engulfing, or shooting star).
2. Stop-Loss: Just above resistance at 1.2945 - 1.2950 to protect against a breakout.
3. Take-Profit Targets:
First target: 1.2850 (short-term support).
Second target: 1.2800 (major support zone).
4. Risk-Reward Ratio: Aim for at least 1:2 or 1:3, meaning the potential reward should be at least twice the risk.
The chart suggests that GBP/USD is approaching a resistance area near 1.2920 - 1.2930. The analysis indicates that the price may struggle to break above this level and could reverse downward.
Bearish Trade Setup (Short Position)
1. Entry Point: Near 1.2920 - 1.2930, once price shows rejection (e.g., bearish candlestick patterns like a pin bar, engulfing, or shooting star).
2. Stop-Loss: Just above resistance at 1.2945 - 1.2950 to protect against a breakout.
3. Take-Profit Targets:
First target: 1.2850 (short-term support).
Second target: 1.2800 (major support zone).
4. Risk-Reward Ratio: Aim for at least 1:2 or 1:3, meaning the potential reward should be at least twice the risk.
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.