Analysis of GBP/USD: Bearish Setup, Potential Sell Opportunity
The previous bullish trend appears to be losing steam, and the chart suggests a reversal. This could lead to a correction or a new downtrend.
We target for the price to hit the resistance level as a retest in return forming a double top this will be the case when it fails to break above it signaling buyers are losing momentum.
Confirmation will be the sellers breaking the support zone(RED ine @ 1.30823) confirming the sells. In that case we look for a retest(same zone or within it) and have our entries at that point.
TP 1: 1.30400
TP 2: 1.29800
Target: 1.27990
We target for the price to hit the resistance level as a retest in return forming a double top this will be the case when it fails to break above it signaling buyers are losing momentum.
Confirmation will be the sellers breaking the support zone(RED ine @ 1.30823) confirming the sells. In that case we look for a retest(same zone or within it) and have our entries at that point.
TP 1: 1.30400
TP 2: 1.29800
Target: 1.27990
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