GBPUSD Price Forecast & Analysis
GBPUSD has formed a Cup and Handle pattern at the top of the uptrend, which is a reversal signal indicating potential downside movement.
Technical Breakdown:
The market has broken the support level and the 50EMA, confirming a shift toward a selling trend.
Now, GBPUSD is retracing back to 1.2380, which acts as an order block (a key resistance zone).
If a strong bearish candle forms at this level, it will confirm the continuation of the downtrend.
Volume is increasing on the selling side, strengthening bearish momentum.
Sell Entry: 1.2380 (After confirmation from a bearish candle)
Technical Target Levels:
1.2250 – First support level
1.2190 – Second support level
Trading Insight:
This setup presents a high-probability trade as GBPUSD has already shown breakout signals, and a retest of the broken support could provide the perfect short entry.
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Kind regards, Trend Logic