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28.11.2023 07:12 PM
In July 2023, the GBP/USD pair faced a strong resistance level near 1.3100 and started a fresh bearish movement.
Price pursued towards the price level of 1.2700 then 1.2600 support levels where the pair showed some indecision in a tight range before it could extend its decline towards the depicted price zone around 1.2060-1.2100.
A break below 1.2100 level could open the doors for more losses towards 1.1850. However, significant bullish demand has existed upon each time the market visits this price zone of 1.2060-1.2100.
On the other hand, the current bullish movement will be facing a strong challenge around the price zone of 1.2750-1.2800 where a previous consolidation range was established.
That's why, Price action should be watched cautiously for low-risk highreward bearish opportunity anywhere around 1.2800. Exit levels should be placed above 1.2890 with initial target level projected towards 1.2500.
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