As of writing, GBP/USD is trading near 1.1720, having developed an upward correction on the weakness of the US dollar.
In case of further growth, the key resistance levels 1.1885 (144 EMA on the daily chart), 1.2110 (200 EMA on the daily chart) become the targets.
And yet, below these resistance levels, the GBP/USD remains in a long-term bear market zone, which favors short positions.
However, they need a signal to enter. The first such signal will be a breakdown of the nearest local support level at 1.1640. The breakout of the short-term important support level 1.1480 (200 EMA on the 1-hour chart) may trigger a resumption of the GBP/USD decline and return of the pair to a long-term bearish trend and a downward channel on the weekly chart of the pair.
Support levels: 1.1640, 1.1480, 1.1455, 1.1400, 1.1200, 1.1160, 1.1100, 1.1080, 1.0940
Resistance levels: 1.1885, 1.1900, 1.2000, 1.2110
Trading Tips
Sell Stop 1.1630. Stop-Loss 1.1780. Take-Profit 1.1480, 1.1455, 1.1400, 1.1200, 1.1160, 1.1100, 1.1080, 1.0940
Buy Stop 1.1780. Stop-Loss 1.1630. Take-Profit 1.1885, 1.1900, 1.2000, 1.2110
