Sell GBP/USD Bearish Channel
Updated
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.
Trade active
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