FX.co ★ GBP/USD

Hello traders, on the H1 timeframe, a bearish movement prevails on the GBPUSD currency pair. The 120-period Moving Average also confirms the southern direction as its line is above the price. The sellers' dominance over the buyers is confirmed by the ZigZag indicator, clearly showing a descending structure. Confirmation of the southern direction will be the closing of the hourly candle relative to the 1.3490 moving average. Today, sales look more appealing than purchases. I plan to sell from the resistance level at 1.3500 with the nearest income target at the price level of 1.3460, while the second fixation is made at 1.3420, and the stop loss is set at the level of 1.3530. A reversal movement can be assumed, considering purchases when the pair consolidates above the significant level of 1.3560. We set the take profit at the level of 1.3600, and the stop can be hidden at 1.3530.

On the fifteen-minute chart, we look for confirmation of the bearish direction.