GBPUSD Potential Downsides

18 jun 2023

Hey Traders, In anticipation of tomorrow's trading session, we have identified GBPUSD as a currency pair to closely monitor for a potential selling opportunity. GBPUSD is currently trading within a persistent downtrend, and at present, it is undergoing a correction phase. This correction phase is noteworthy as the currency pair is gradually approaching a significant support and resistance zone situated at the 1.29 level. The 1.29 zone holds substantial importance, as it aligns with the major trend and has historically demonstrated significant price reactions. Given these factors, we will be diligently observing GBPUSD's price action to evaluate whether the conditions align for a favorable selling position. Our analysis will focus on the development of the correction phase and its interaction with the 1.29 zone, as this will provide valuable insights into potential future price movements. By closely monitoring these dynamics, we aim to capitalize on a potential retracement or resumption of the downtrend.
Trade safe, Joe.