The GBP/USD pair on the M30 timeframe presents a potential selling opportunity due to a recent downward breakout from a well-defined Bearish Flag pattern. This suggests a shift in momentum towards the downside in the coming Hours.
Key Points:
Sell Entry: Consider entering a short position around the current price of 1.2710, positioned close to the breakout level. This offers an entry point near the perceived shift in momentum.
Target Levels:
1st Support – 1.2665
2nd Support – 1.2640
Stop-Loss: To manage risk, place a stop-loss order above 1.2760. This helps limit potential losses if the price unexpectedly reverses and breaks back upwards.
Thank you.
Key Points:
Sell Entry: Consider entering a short position around the current price of 1.2710, positioned close to the breakout level. This offers an entry point near the perceived shift in momentum.
Target Levels:
1st Support – 1.2665
2nd Support – 1.2640
Stop-Loss: To manage risk, place a stop-loss order above 1.2760. This helps limit potential losses if the price unexpectedly reverses and breaks back upwards.
Thank you.
Trade active
Note
Weak UK Economy: The UK economy faces headwinds, with concerns about a potential recession. Weaker than expected data or negative news regarding the UK economy could further weaken the Pound.Dovish BoE Stance: The Bank of England (BoE) is expected to maintain a dovish stance on interest rates, keeping them low. This could make holding GBP less attractive compared to currencies with potentially rising interest rates, weakening the Pound.
Trade closed: stop reached
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👉👉 Join My Free Telegram Channel :
✳️ Forex Technical Charts : telegram.me/kabhifx
📞📞Telegram me @t.me/kabhidhan
✳️ Forex Technical Charts : telegram.me/kabhifx
📞📞Telegram me @t.me/kabhidhan
Related publications
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.