GBP/USD: Continuation of the Downtrend or a Reversal?
The GBP/USD pair continues its sharp decline, trading around 1.2147 after several days of significant losses. On the 4-hour chart, the dominant bearish trend is evident, with the price trading below the EMA 34 and EMA 89, which act as "pressure walls" pushing the price further down. The bearish momentum is likely to persist unless GBP/USD can break above the 1.2200 resistance level.
The next move is expected to lead the pair toward the key support at 1.2100, where buyers may step in. However, if selling pressure remains strong, the further target lies at 1.2050. On the other hand, a breakout above the 1.2200 resistance could push the price toward 1.2300, although this scenario seems unlikely under current conditions.
Brief Trading Strategy:
Sell:
Entry: 1.2180 – 1.2200.
Take Profit: 1.2100.
Stop Loss: 1.2230.
Buy:
Entry: 1.2100 – 1.2120.
Take Profit: 1.2200.
Stop Loss: 1.2070.
The bearish trend remains dominant. Traders should exercise caution and be prepared for sharp fluctuations driven by unexpected market news.
The next move is expected to lead the pair toward the key support at 1.2100, where buyers may step in. However, if selling pressure remains strong, the further target lies at 1.2050. On the other hand, a breakout above the 1.2200 resistance could push the price toward 1.2300, although this scenario seems unlikely under current conditions.
Brief Trading Strategy:
Sell:
Entry: 1.2180 – 1.2200.
Take Profit: 1.2100.
Stop Loss: 1.2230.
Buy:
Entry: 1.2100 – 1.2120.
Take Profit: 1.2200.
Stop Loss: 1.2070.
The bearish trend remains dominant. Traders should exercise caution and be prepared for sharp fluctuations driven by unexpected market news.
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