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Since May 17, the previous downside movement within the depicted bearish channel came to a pause allowing the recent sideway consolidation range to be established between 1.2750 - 1.2550 with a prominent key-level around 1.2650.
On July 5, a bearish range breakout was demonstrated below 1.2550 (the lower limit of the depicted consolidation range). Hence, quick bearish decline was demonstrated towards the price zone of 1.2430-1.2385 (where the lower limit of the movement channel came to meet the GBPUSD pair).
In July 18, a recent bullish movement was initiated towards the backside of the broken consolidation range (1.2550) where another valid SELL entry was offered two weeks ago.
As anticipated, bearish persistence below 1.2460 (38.2% Fibonacci levels) and 1.2430 (38.2% Fibonacci Level) enhanced further bearish decline towards 1.2350.
Moreover, Bearish breakdown below 1.2350 facilitated further bearish decline towards 1.2320, 1.2270 and 1.2125 which correspond to significant key-levels on the Weekly chart.
The current price levels are quite risky/low for having new SELL entries.
That's why, Previous SELLERS should have their profits gathered and Stop Loss lowered to secure more profits.
Currently, The price zone of 1.2320 - 1.2350 now stands as a prominent SUPPLY zone to be watched for new SELL positions if any bullish pullback occurs soon.
Trade Recommendations:
Intraday traders should look for early signs of bullish rejection around the current price levels (1.2125) for a counter-trend BUY entry.
Conservative traders should wait for a bullish pullback towards 1.2320 - 1.2350 for new SELL entries.
S/L should be placed above 1.2430. Initial T/P level to be placed around 1.2279 and 1.2150.
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