Sell GBP/USD Bearish Channel

FX:GBPUSD   British Pound / U.S. Dollar
The GBP/USD pair on the M30 timeframe displays a potential selling opportunity due to a well-defined bearish channel pattern. This pattern suggests ongoing selling pressure and a higher likelihood of further declines in the coming hours.

Key Points:

Bearish Channel: The price has been trading within a descending channel characterized by two falling lines: a falling resistance line and a falling support line. This ongoing downtrend signals continued selling pressure.

Sell Entry: Consider entering a short position around the current price of 1.2590, positioned close to the channel resistance. This offers an entry point near a potential reversal zone.

Target Levels: Initial bearish targets lie at the support levels of 1.2502 and 1.2454, marking previous support zones within the channel.

Stop-Loss: To manage risk, place a stop-loss order above the broken channel resistance line at 1.2635. This helps limit potential losses if the trend unexpectedly reverses.

Thank you.
Trade active:
UK Enters Technical Recession: On February 15, 2024, the UK officially entered a technical recession after its economy contracted for two consecutive quarters, with a 0.3% decline in Q4 2023 and a 0.1% decline in Q3 2023. This news triggered a decline in the value of the Pound Sterling (GBP).

Impact on Markets: The news of the recession impacted various markets, with the GBP weakening against major currencies like the US Dollar and the Euro. The stock market also experienced some volatility.

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