The GBP/USD pair on the M30 timeframe displays a potential selling opportunity due to a well-defined bearish channel pattern. This pattern suggests ongoing selling pressure and a higher likelihood of further declines in the coming hours.
Key Points:
Bearish Channel: The price has been trading within a descending channel characterized by two falling lines: a falling resistance line and a falling support line. This ongoing downtrend signals continued selling pressure.
Sell Entry: Consider entering a short position around the current price of 1.2590, positioned close to the channel resistance. This offers an entry point near a potential reversal zone.
Target Levels: Initial bearish targets lie at the support levels of 1.2502 and 1.2454, marking previous support zones within the channel.
Stop-Loss: To manage risk, place a stop-loss order above the broken channel resistance line at 1.2635. This helps limit potential losses if the trend unexpectedly reverses.
Thank you.
Key Points:
Bearish Channel: The price has been trading within a descending channel characterized by two falling lines: a falling resistance line and a falling support line. This ongoing downtrend signals continued selling pressure.
Sell Entry: Consider entering a short position around the current price of 1.2590, positioned close to the channel resistance. This offers an entry point near a potential reversal zone.
Target Levels: Initial bearish targets lie at the support levels of 1.2502 and 1.2454, marking previous support zones within the channel.
Stop-Loss: To manage risk, place a stop-loss order above the broken channel resistance line at 1.2635. This helps limit potential losses if the trend unexpectedly reverses.
Thank you.
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UK Enters Technical Recession: On February 15, 2024, the UK officially entered a technical recession after its economy contracted for two consecutive quarters, with a 0.3% decline in Q4 2023 and a 0.1% decline in Q3 2023. This news triggered a decline in the value of the Pound Sterling (GBP).Impact on Markets: The news of the recession impacted various markets, with the GBP weakening against major currencies like the US Dollar and the Euro. The stock market also experienced some volatility.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.