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.
For more insights and tips on forex trading, visit Bro In Finance. Our expert advice is here to guide you through every step of your trading journey.
Check out our on Best Forex Brokers to know more about this topic
Check out the most crucial steps that you need to take when choosing your forex broker
Have you heard about an amazing Broker Platform called “AVATRADE“? We at Bro In Finance do recommend this amazing broker.
Written by D Fernando
