GBPUSD: 1.20000 As The Main Target for Sellers

The price bounced from the resistance zone formed by 1.25000 level and SMA with period 100. RSI confirms the price reversal. The same goes about MACD histogram. MACD lines are going to support the further downward movement. The local uptrend line was broken, and the market confirms the continuation of the main bearish trend.

All these signals provide us a possible sell opportunity based on the daily and lower timeframes. Sell trades should be opened based on the reversal and breakout signals. Stop-loss orders must be placed above 1.26000 or the nearest swing highs. Profit targets should be at the support levels. For hourly timeframes, there will be more levels for fixing possible profit. As for the daily, the main target for sellers should be 1.20000 support zone.