GBP/USD: Fading Strength, Targeting 1.2607 Intraday
GBP/USDShortIntraday1w ago2 views
Trade Setup
Entry Price
1.2645
Stop Loss
1.2660
Take Profit
1.2607
Risk : Reward
1 : 2.53
RiskReward
Market Read
GBP/USD is caught in a sideways chop, currently at 1.26416. The daily range is tight, between 1.2629 and 1.26542. Despite the flat 24h change (-0.07%), I'm seeing resistance holding up. "The trend is your friend," and while it's sideways, the upper boundary of this range looks like a good fade opportunity.
The Play
Looking to short GBP/USD here. The 1.2654 resistance level has been firm.
Entry: 1.2645
Stop Loss: 1.2
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