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The GBP/USD pair has broken support at the level of 1.4172 which acts as a resistance now. According to the previous events, the GBP/USD pair is still moving between the levels of 1.4172 and 1.4056.
Therefore, we expect a range of 116 pips in coming two days. The trend is still below the 100 EMA for that the bearish outlook remains the same as long as the 100 EMA is headed to the downside. Hence, the price spot of 1.4172 remains a significant resistance zone.
Consequently, there is a possibility that the GBP/USD pair will move downside. The structure of a fall does not look corrective.
In order to indicate a bearish opportunity below 1.4172, sell below 1.4172 with the first target at 1.4087.
Besides, the weekly support 2 is seen at the level of 1.4056. However, traders should watch for any sign of a bullish rejection that occurs around 1.4172.
The level of 1.4172 coincides with 23.6% of Fibonacci, which is expected to act as a major resistance today. Since the trend is below the 23.6% Fibonacci level, the market is still in a downtrend. Overall, we still prefer the bearish scenario.
Equally important, the RSI is still calling for a strong bearish market as well as the current price is also below the moving average 100. As a result, sell below the weekly pivot point of 1.4137 with targets at 1.4056 and 1.4005 in order to form a double bottom.
However, 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 1.4219.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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