GBP/USD Analysis (8H Timeframe)
The GBP/USD pair remains firmly in a bearish channel, indicating a continuation of the downward trend. While a short-term retracement is possible, the overall sentiment remains bearish.
Key Points:
The price is trading near the lower boundary of the channel, suggesting potential temporary relief before resuming the downtrend.
Resistance is noted at 1.2596, aligning with the upper retracement level of the recent move.
Key support levels are identified at 1.2272 and 1.2079, which align with the channel's lower trajectory.
Trading Plan:
Consider selling rallies, particularly near 1.2596, if the retracement occurs.
Target levels can be set at 1.2272 and 1.2079, with a stop-loss above 1.2596 for a risk-managed approach.
📉 "In a bearish trend, patience pays; trade with the trend, not against it."
Key Points:
The price is trading near the lower boundary of the channel, suggesting potential temporary relief before resuming the downtrend.
Resistance is noted at 1.2596, aligning with the upper retracement level of the recent move.
Key support levels are identified at 1.2272 and 1.2079, which align with the channel's lower trajectory.
Trading Plan:
Consider selling rallies, particularly near 1.2596, if the retracement occurs.
Target levels can be set at 1.2272 and 1.2079, with a stop-loss above 1.2596 for a risk-managed approach.
📉 "In a bearish trend, patience pays; trade with the trend, not against it."
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