GBP/USD reversal on the cards, back to 1.24?
Dear traders, after the strong rally in the past few weeks, GBP/USD is struggling to
advance any further. On the daily chart, we are seeing the formation of
a bearish reversal pattern.
To further strengthen the bearish price action, we need to see the formation of bearish
candlesticks in the lower Timeframes as well. So, if the price continues to struggle at
the 1.2840 level, traders can consider selling GBPUSD@1.2820-1.2850 with SL above the
resistance and TP at 1.27, 1.2560 and 1.24 eventually.
advance any further. On the daily chart, we are seeing the formation of
a bearish reversal pattern.
To further strengthen the bearish price action, we need to see the formation of bearish
candlesticks in the lower Timeframes as well. So, if the price continues to struggle at
the 1.2840 level, traders can consider selling GBPUSD@1.2820-1.2850 with SL above the
resistance and TP at 1.27, 1.2560 and 1.24 eventually.
Comment:
Looking good so far, price down almost 40 Pips since I posted