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Overview:
In the H1 chart,
The GBP/USD pair faced strong resistances at the level of 1.2300, the pair is likely to try to approach it in order to test it again.
The price has set below the level of 1.2309, which coincides with the 100% Fibonacci retracement level (double top).
This resistance has rejected four times confirming the veracity of a downtrend.
We expect the GBP/USD pair to trade between the levels of 1.2300 and 1.2157.
The trend is still bearish as long as the level of 1.2309 is not breached. As well as, the current price is also below the moving average 100 and 50.
If the pair fails to pass through the level of 1.2309, the market will indicate a bearish opportunity below the levels of 1.2309 and 1.2300.
So, the market will decline further to 1.2215 in order to return to the daily pivot point (1.2215). Moreover, a breakout of that target will move the pair further downwards to 1.2157 and 1.2121.
Stop loss should always be taken into account, accordingly, it will be beneficial to set the stop loss above the last bullish wave at 1.2300.
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