GBPUSD technical analysis December 6, 2023 and entry points

GBPUSD: GU breaks out of bullish structure and support zone. When creating a double top model, give priority to selling out. Please pay attention to the table. GBPUSD has entered the 1.2600 zone, clearly showing a reversal trend. Ace may consider holding short GBPUSD around 1.2600-1.2630. In this scenario, we assume GBPUSD returns to the 1.2500 area.

Comment:

GBP/USD: The GBP/USD currency pair is increasing slightly but is forecast to have a downward trend in the short term. If the exchange rate maintains above 1.2608, investors can "long" and take profits around 1.2638 and 1.2683. On the contrary, if the exchange rate falls below 1.2608, investors should "short" with the expectation of taking profits at 1.2563 and 1.2533.

Comment:

📌 Analysis of the past week: GBPUSD has had fluctuations that are not beneficial for those who are buying

📌 Main trend: Down. This currency pair is showing a strong downtrend and will likely see a strong downward reversal trend after many weeks of strong gains.

📊 H1 chart: Price is decreasing steadily but not strongly. It is forecasted that there will be an increase before a sharp decrease in price.
🔑 Trading strategy:


Entry: Around 1.25919 (resistance area)
SL: 1.26267
TP1: 1.24866
TP2: 1.23616

💡 Note: Always follow your risk management principles and do not invest beyond your financial capacity.