GBPUSD: Bearish Setup at Key Resistance
After a prolonged downtrend, GBPUSD showed signs of recovery but quickly lost momentum due to a lack of buying strength.
Currently, the pair is trading around 1.2963, approaching a key resistance zone highlighted on the chart. This area is likely to attract strong selling pressure, as it’s firmly in the sights of bearish traders. A selling strategy here could be favorable.
The chart also indicates two target levels for this potential downtrend. In the short term, my preference is to adopt a sell strategy.
What about you? How would you trade this setup?
Currently, the pair is trading around 1.2963, approaching a key resistance zone highlighted on the chart. This area is likely to attract strong selling pressure, as it’s firmly in the sights of bearish traders. A selling strategy here could be favorable.
The chart also indicates two target levels for this potential downtrend. In the short term, my preference is to adopt a sell strategy.
What about you? How would you trade this setup?
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