The GBP/USD currency pair has exhibited potential for a short position following an upward movement of over 250 pips from the previous projection, resulting in an attractive risk-reward ratio of 1:5.
The pair displayed characteristics consistent with manipulation by market makers during the early hours of the London trading session. This could potentially indicate an effort to entice less experienced traders to enter long positions. Based on the analysis of technical indicators, the GBP/USD is currently in a zone where both bullish and bearish movements are possible. However, considering the rejection of the zone by the price action, a bearish outlook is favored. A close below the 13-day exponential moving average will serve as confirmation for a short position entry.
Conversely, if the price closes above the level of 1.24212, the bias will shift to bullish. The short-term target for this trade is 1.23245, while the medium-term target is 1.22886.
The pair displayed characteristics consistent with manipulation by market makers during the early hours of the London trading session. This could potentially indicate an effort to entice less experienced traders to enter long positions. Based on the analysis of technical indicators, the GBP/USD is currently in a zone where both bullish and bearish movements are possible. However, considering the rejection of the zone by the price action, a bearish outlook is favored. A close below the 13-day exponential moving average will serve as confirmation for a short position entry.
Conversely, if the price closes above the level of 1.24212, the bias will shift to bullish. The short-term target for this trade is 1.23245, while the medium-term target is 1.22886.