In the beginning of the month,the GBP/USD pair has broken the lower limit of its bullish channel. Since then it has been downtrending within the depicted bearish channel.
Yesterday the GBP/USD pair showed siginificant bearish swing breaking-down the significant support / prominent Intraday buttom around 1.6050 opening the way for a quick decline towards 1.5960-1.5940 which is considered as a strong support zone that determins the next target.
Bullish stabilization above 1.5960-1.5940 enhances the bullish retracement towards 1.6050. However, its breakdown will lead to another decline towards 1.5895 and 1.5860.
Price Level 1.6050 is considered to be valid SELL entry as it corresponds to the upper limit of the ongoing bearish channel & previous broken support level.
SL should be located above 1.6120 while TP levels are to be located at 1.6015, 1.5975 and 1.5930.
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