GBPUSD (Spot)

Trend: Bearish / Neutral

Relevant Key Levels: Resistance: 1.3190, 1.2770 and 1.2640. Support: 1.2020 and 1.1400.

Price Action: Inside Bar Pattern formed under 1.2640 resistance. (Watch for potential bearish Fakey pattern or Inside bar break down)

Current Notes: Price collapsed below both 1.2770 and 1.2640 levels activating a short term bear market recently.

Trade Idea: We will consider looking to sell after a price action sell signal, at or just below either 1.2640 area or 1.2770 resistance level. Targeting a move back down to 1.2020 and then possibly 1.1400.