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04.10.2023 08:19 AM
The GBP/USD pair has shown signs of bearish rejection just below 1.3200, initiating the recent bearish movement.
After bearish closure below the price level of 1.2800 on a H4 candlestick, it continued to fall toward 1.2500 where the depicted uptrend line comes to meet a significant Fibonacci Level.
This should be considered for Intraday traders as a valid BUY Entry with Stop Loss to be placed just below 1.2500.
However, signs of hesitation were expressed in a narrow sideway movement which ended-up with bearish continuation.
Moreover, further bearish decline was expected towards 1.2160 constituting a key-support level which was being visited earlier this week.
If confirmed to be broken, further bearish decline should be expected towards 1.1850.
On the other hand, any bullish pullback towards 1.2520-1.2600 should be considered for another SELL Entry.
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