GBPUSD continues to trade within a well-defined bearish structure. Since breaking below the 1.3400 area, the pair has struggled to generate any meaningful recovery, with sellers quickly stepping in on every bounce.
The macro picture still supports the US Dollar, while Sterling lacks a strong catalyst to reverse the current trend. This keeps downside risks elevated in the near term.
Trade Setup:
Sell Zone: 1.3230 – 1.3260
Stop Loss: 1.3310
Take Profit 1: 1.3150
Take Profit 2: 1.3100
Take Profit 3: 1.3050
As long as price remains below 1.3260, rallies may continue to be viewed as selling opportunities.
The macro picture still supports the US Dollar, while Sterling lacks a strong catalyst to reverse the current trend. This keeps downside risks elevated in the near term.
Trade Setup:
Sell Zone: 1.3230 – 1.3260
Stop Loss: 1.3310
Take Profit 1: 1.3150
Take Profit 2: 1.3100
Take Profit 3: 1.3050
As long as price remains below 1.3260, rallies may continue to be viewed as selling opportunities.
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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.
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.