This pair has been down trending for a while now and past bullish leg has come to a close on previous resistance at the 1.3000 level. Price has already reacted once and has come close to the 70% overbought RSI signal.
Would recommend a TP level of either 1.2700 1.2500 1.2000 and a SL position of around 1.3150
if it doesnt challenge 1.30 again in short term then its bearish .. no doubt about it ..
vincedeveloper
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the question is really has the uptrend weakened ? In my opinion i dont think it has because we have not seen a big bear moving pound down so far .. it has constantly rebounded even with bad news .. i think USD is to blame.
Frankyfnz
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@vincedeveloper, yes i've been thinking the same, price has hit the that previous reversal zone a few times now hence why i'm waiting for a new confirmed low