GBP/USD reverses from the resistance level, where to sell/buy?
GBP/USD has reversed from the 1.2430 resistance level and the price has slipped below 1.23 level during
the Asian session on Monday. As you can see from the chart, 1.2430 is a strong resistance level from where
the price has reversed on two previous occasions.
1.2230 is an important support in the 4Hour timeframe from where GBP/USD can rebound and reach the resistance
level again. My recommendation is to wait for GBP/USD to reach the resistance zone again. On the formation
of bearish price action, traders can consider selling GBP/USD between 1.2410-1.2440 with Stop Loss above 1.25
and TP at 1.21 and 1.18 respectively.
the Asian session on Monday. As you can see from the chart, 1.2430 is a strong resistance level from where
the price has reversed on two previous occasions.
1.2230 is an important support in the 4Hour timeframe from where GBP/USD can rebound and reach the resistance
level again. My recommendation is to wait for GBP/USD to reach the resistance zone again. On the formation
of bearish price action, traders can consider selling GBP/USD between 1.2410-1.2440 with Stop Loss above 1.25
and TP at 1.21 and 1.18 respectively.