GBP/USD possible downtrend

Vladislav Brykin Cypher

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

Author

Vladislav Brykin

Cypher

Vladislav Brykin has been active in the financial markets, more specifically in the retail trading and fund management, since 2013. He has consulted and built products and systems for brokerages and investment firms.

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