GBP/USD has rallied strongly over the last 2-3 weeks. However, the rally is now showing signs of
exhaustion. 1.2530 has proved to be a strong ceiling so far. Although the dynamic support
level in the 4Hour chart has offered some support.
A strong break below the 1.24 level indicated by a big bearish candlestick would imply that the trend
has reversed and the downtrend would continue. I would recommend traders to sell GBPUSD if
we can see strong bearish price action below 1.24. On the other hand, if price spikes to 1.2540,
that would be a good opportunity to sell as well.
exhaustion. 1.2530 has proved to be a strong ceiling so far. Although the dynamic support
level in the 4Hour chart has offered some support.
A strong break below the 1.24 level indicated by a big bearish candlestick would imply that the trend
has reversed and the downtrend would continue. I would recommend traders to sell GBPUSD if
we can see strong bearish price action below 1.24. On the other hand, if price spikes to 1.2540,
that would be a good opportunity to sell as well.