GBPUSD - Bearish Trend Persists Below 1.2580 Major Resistance

Trend: Bearish

Relevant Key Levels: Resistance 1.2820-70, 1.2770, 1.2580, 1.2380 to 1.2430. Support 1.1990.

Price Action: A Bearish Pin Bar formed mid-last week around the recent lows. 2 small tailed bars form at the recent lows. Price broke down from a multiple inside bar cluster early last week.

Current Notes: Price recently tested the 21 day EMA briefly and repelled lower aggressively. The bias remains very bearish whilst prices remain below the 1.2400 to 1.2560 resistance area.

Potential Trade Idea: We will continue looking to sell short on any pockets of strength whilst prices remain below the 1.2400 to 1.2560 resistance area, targeting further declines towards 1.1990 to 1.2100 area.

GBPUSD

 

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