GBP/USD possible downtrend
|GBP/USD Possible Downtrend
The pair is currently approaching a supply zone - providing us opportunities for a possible sell off on the 4 HR chart.
The upwards momentum is currently capped by resistance at 1.25000.
We will look to execute at current market price if the current 4HR candle supports a downward sentiment.
Alternatively, we will wait for price to reach the supply zone around 1.25500 (61.8% Fibonacci)
Should the pair break above the supply zone, and pass 1.26000 we will consider this trade void.
Key Resistance Level (SL): 1.26700
Entry: 1.25400
Key Support Level (TP): 1.23450
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