There is a trading opportunity to sell in GBPUSD

FX:GBPUSD   British Pound / U.S. Dollar
Midterm forecast:
. While the price is below the resistance 1.2265, beginning of downtrend is expected.
. We make sure when the support at 1.2024 breaks.
. If the resistance at 1.2265 is broken, the short-term forecast -beginning of downtrend- will be invalid.

Technical analysis:
. A peak is formed in daily chart at 1.2640 on 04/29/2020, so more losses minimum to Major Support (1.2024) is expected.
. Price is below WEMA21, if price rises more, this line can act as dynamic resistance against more gains.
. Relative strength index ( RSI ) is 35.

Trading suggestion:
. There is a possibility of temporary retracement to suggested Resistance line (1.2181). if so, traders can set orders based on Price Action and expect to reach short-term targets.
We would set sell orders based on Daily-Trading-Opportunities and expect to reach short-term targets.

Entry signal:
Signal to enter the market occurs when the price comes to "Sell zone" then forms one of the reversal patterns, whether "Shooting Star" or "Peak", in other words, NO entry signal when the price comes to the zone BUT after any of reversal patterns is formed in the zone.
To learn more about "Entry signal" and special version of our "Price Action" strategy FOLLOW our lessons:

Take Profit:
TP1= @ 1.2024
TP2= @ 1.1888
TP3= @ 1.1409

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