Yesterday, the GBP/USD pair dropped sharply from the level of 1.2191 towards 1.2105. Now, the price is set at 1.2118. On the M30 chart, the resistance of GBP/USD pair is seen at the level of 1.2191 and 1.2218.
It should be noted that volatility is very high for that the GBP/USD pair is still moving between 1.2191 and 1.2078 in coming hours.
Also, it should be noticed that resistance 1 is seen at the level of 1.2191 which coincides the daily pivot point.
Moreover, the price spot of 1.2191 remains a significant resistance zone. Therefore, there is a possibility that the GBP/USD pair will move downside and the structure of a fall does not look corrective.
However, the price spot of 1.2191 remains a significant resistance zone. Thus, the trend is still bearish as long as the level of 1.2191 is not breached.
In order to indicate the bearish opportunity below 1.2191, sell below 1.2191 with the first target at 1.2078.
Additionally, if the GBP/USD pair is able to break out the first support at 1.2078, the market will decline further to 1.2055 in order to test the weekly support 2.
On the other hand, , stop loss should always be taken into account, accordingly, it will be of beneficial to set the stop loss above the last bullish wave at the level of 1.2218.
