GBPUSD: Key Levels to Watch 🇬🇧🇺🇸
GBPUSD set a new lower low lower close on a daily yesterday.
While a further decline is expected on the pair, here are the key levels for you to watch.
Vertical levels:
First of all, consider the boundaries of a falling parallel channel.
For now, its resistance is the closest safe point from where I would look for shorting opportunities.
Horizontal levels:
Support 1
1.31 - 1.32 demand zone.
Support 2
1.265 - 1.275 demand zone
Resistance 1
1.395 - 1.4 supply zone
Resistance 2
1.42 - 1.426 supply zone
Apply these key levels for pullback/trend-following/breakout trading.
Once the key level is reached, look for a confirmation first before you open a trading position.
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