GBPUSD

On the 15th of June we spoke on the price action of the GBPUSD. In that post (https://fxsits.com/gbpusd-ranges-in-between-key-levels/) we spoke about certain key levels which price struggled to move past. We also noted the high possibilities of a bearish movement. Since then, we have seen price move approximately 170 pips bearish. Now as price nears Level 1.22053 the question we ask is simple. Will the GBPUSD resist at this level or continue its bearish momentum?

will the GBPUSD resist
GBPUSD H4 chart 30 June 2020

15 days ago we sent out an entry signal concerning this move,Yesterday as well. If you were subscribed to our smart signals then you received this notice.The signal we sent out yesterday presented an opportunity for a scale-in. Traders who held their first positions and added more are currently in good profit. Now with price nearing Level 1.22053. Is taking good take your profit a good idea?

We have seen price hover around this level in the past. Looking at the chart you will notice how price struggles to break past this level. Our analysts believe that trailing our stop loss to break even and holding could serve to be more beneficial in the long term as price will eventually reach our target level @1.19759.

GBPUSD Daily chart 30 June 2020

Will the GBPUSD resist at level 1.22053? Remember that,if price does resists at this level note that getting out and securing profits will be a good idea.However, our analyst will guide you if that is the case

NB: Warning Before deciding to participate in the Forex market. You should carefully consider your investment objectives, level of experience and risk appetite. Most importantly, do not invest money you cannot afford to lose. Consider position sizing before you enter a trade and manage your risk accordingly. Please read risk warning before deciding to trade the markets

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