Stay 
Trading Conditions
Products
Tools
Overview
The trend of GBP/USD pair movement was controversial as it took place in the downtrend channel in the H4 chart.
Due to the previous events, the price is still traded between the levels of 1.2289 and 1.2016. So it is recommended to be careful while making deals in these levels because the prices of 1.2289 and 1.2016 are representing the resistance and support respectively.
It is necessary to wait till the downtrend channel is passed through. Then the market will probably show the signs of a bearish market.
We agree that a major resistance is set at the point of 1.2289.
If the pair fails to pass through the level of 1.2289, the market will indicate a bearish opportunity below the strong resistance level of 1.2289.
Note that sellers are asking for a high price. As well as the trend is still calling for a strong bearish market from the spot of 1.2289.
In this regard, sell deals are recommended lower than the 1.2289 level with the first target at 1.2143. It is possible that the pair will turn downwards continuing the development of the bearish trend to the level 1.2016.
However, stop loss has always been in consideration thus it will be useful to set it above the last double top at the level of 1.2350.
InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.
Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of Instant Trading EU Ltd including online trading, online transfers, deposit/withdrawal of funds, etc.
If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.
Why does your IP address show your location as the USA?
Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.
We are sorry for any inconvenience caused by this message.
