GBP/USD: Riding the Bear Trend Down. Next Stop Lower.

Trend is Your Friend on Cable

The bearish trend on GBP/USD is clear. We're currently holding at 1.26052, down 0.35% in 24 hours. Fundamentals like ongoing USD strength and UK economic headwinds continue to weigh. "The trend is your friend," and right now, that trend is down.

Short Setup: Textbook Entry

I'm eyeing a short entry on GBP/USD at 1.2621. This level sits nicely under the 1.265 and 1.2672 resistance zones seen today. It's a textbook entry for catching the continuation lower. My stop loss is set tight above resistance at 1.2702.

Aggressive Target

For this intraday play, my take profit is aggressive at 1.2419. This targets a break below the 1.2538 and 1.25 support levels, anticipating strong bearish momentum. Let it play out. Simple is best.