GBPUSD set for further decline

FX:GBPUSD   British Pound / U.S. Dollar
Starting this year, a declining channel has been set up as seen by the maroon coloured lines.
In Dec, we broke below this channel displaying a more bearish sentiment.

A very strong support lies around 1.31836, this is a multi-year support/resistance from 2017,2018, 2019 & 2020
Firstly a retest and rejection of the channel will be a great first indication of further bearish movement.
Secondly, a clear break through a multi-year support will confirm the downside.

First TP ( 2:1 ratio) will be around 1.29388 as there is a strong weekly support, to be catious close half of your position around if candle shows long wicks (weakdness)

Second TP (4:1) will be around 1.27137. There is a very strongly weekly support around this region.

Set stop loss just slightly above the channel as show, after first TP move your stop loss to slightly above 1.29388.
All charts, daily, weekly and even renko charts display a bearish sentiment.

Trade easy and simple with good risk to reward ratios. I do not sell any signals, just a retail trader that enjoys trading.


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