GBPUSD 200 Pips drop was expected will it reach 1.31000 level ?

GBPUSD
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⏳4 Hour chart
🎲 Possible entry analysis
⛳️ Possible bull/bear target
📚Educational

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Detailed analysis 💬

1️⃣ Channel resiatnce-H4-Megaphone structure
2️⃣ November high & September high acting as strong resistance
3️⃣ 1.35000 acted as strong resistance
4️⃣ 1.34000 will act as key psychological resistance
5️⃣ Price below .78.6 Fibonacci retracement level
6️⃣ medium term upward pressure
7️⃣ Technical support - Bear
8️⃣ Price is well above POC-VOLUME
9️⃣ 1.29400 Immediate resistance/swing target area
🔟 Price movement within rising channel was expected
#️⃣ Overall bearish trend

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📉 Technical bias-H4-Bearish

Below 100,50 Exponential moving average
200 acting as immediate resistance( Current level 1.32150)
Ichimoku-cloud is about to turn red-Price below the cloud Cloud resistance
Bollinger band- Price is around middle band-Minor rebound expected after reaching the lower side of the band
RSI- well below the neutral area - approaching oversold territory
MACD-Still below the middle line, Red zone territory
Stochastic - Reached 25 level about to cross-Short term bullish trend was expected


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Key reversal area's
1.35000 Key psychological level
1.31800 October month high
1.35350 2020 high level
1.33500 .786 Fibonacci level
1.32000 Key psychological level
1.30700 Lower channel trend line reversal zone
1.34780 Year 2020 High
1.28638 October month low
1.33970 November month high

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Bearish entry #GBPUSD

Entry price - 1.33300

Take profit 01 - 1.32300 (100 pips)
Take profit 02 - 1.31100 (190pips)

🚫 Stop lose 1.33800 (50 pips)

⬇️ 1.65% Drop expected
⤴️ Account growth 0.38 : 1.65
✅ Risk reward ratio 1 : 4

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