GBPUSD : SELL ?
Based on the chart for GBP/USD you've provided, here is a trading strategy that follows a bearish (downward) direction:
Break Below Support: The price has broken below the key support zone (around 1.3260), signaling further downside potential. This area now acts as a resistance level.
Sell Opportunity: If the price retraces back to the previous support (now resistance) around 1.3260 and shows bearish rejection, it would be an ideal point to open a sell position.
Target: The first target is the support zone near 1.3100, as highlighted in the chart. If the price continues to break lower, the next target would be around 1.3000.
Stop Loss: Set a stop loss above the 1.3260 resistance level to limit potential losses in case of a reversal.
This strategy allows you to capitalize on the potential bearish trend while managing risk effectively.
Break Below Support: The price has broken below the key support zone (around 1.3260), signaling further downside potential. This area now acts as a resistance level.
Sell Opportunity: If the price retraces back to the previous support (now resistance) around 1.3260 and shows bearish rejection, it would be an ideal point to open a sell position.
Target: The first target is the support zone near 1.3100, as highlighted in the chart. If the price continues to break lower, the next target would be around 1.3000.
Stop Loss: Set a stop loss above the 1.3260 resistance level to limit potential losses in case of a reversal.
This strategy allows you to capitalize on the potential bearish trend while managing risk effectively.
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