The pair’s movement reflects ongoing concerns over the UK economy and a strong US dollar, leading to a downward bias.
Key Levels to Watch:
- Pivot Point (P): 1.28389
- Resistance Level 1 (R1): 1.28797
- Resistance Level 2 (R2): 1.29119
The Pivot Point at 1.28389 is a significant level. A move below this could indicate continued bearish momentum, while any rallies towards R1 at 1.28797 or R2 at 1.29119 may provide selling opportunities.
Trade Setup:
- Model Mean Value: 1.28472 (Generated by Bro In Finance’s proprietary machine learning models)
- Trade Type: Sell
- Entry Point: 1.29098
- Stop Loss: 1.29398
- Take Profit: 1.28798
- Risk to Reward Ratio: 1:1
This setup suggests a sell entry at 1.29098, with the take profit level set just below R1 at 1.28798, offering a balanced risk-to-reward ratio of 1:1. The stop loss at 1.29398 helps mitigate potential losses in case of unexpected market movements.
Conclusion
Today’s analysis highlights a selling opportunity in GBPUSD, supported by the pair’s positioning near resistance levels and a cautious risk management strategy.
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Written by D Fernando
