Forex Signal For GBP/USD: Trend Downward as GBP Approaches Key Support
Forex Signal For GBP/USD: Trend Downward as GBP Approaches Key Support
The bearish trend looks set to continue as the Bear Market targets the key support level at 1,2418, the 23,6% Fibonacci retracement level.
Bear Market Outlook
- Sell GBP/USD and take a profit at 1,2418.
- Add a stop-loss at 1,2550.
- Timetable: 1 day.
Forex Signal For GBP/USD: Trend Downward as GBP Approaches Key Support
Bull Market Outlook
- Set a buy-stop at 1,2540 and a take profit at 1,2600.
- Add a stop-loss at 22,450.
The GBP/USD pair hovers close to its lowest level since May 20 after positive data from the UK, while trading at 1,2488, about 2% below its May 27 high, ahead of key US inflation data.
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