GBP/USD: Short Play on Resistance Rejection
GBP/USDShortIntraday1w ago4 views
Trade Setup
Entry Price
1.2635
Stop Loss
1.2678
Take Profit
1.2526
Risk : Reward
1 : 2.53
RiskReward
Market Read
GBP/USD is stuck sideways, currently at 1.26259. However, the overall daily change is negative, indicating some underlying weakness. I'm watching the 1.2662 resistance level closely. Price action around this area, especially after a slight retrace from current levels, suggests a potential rejection. The broader dollar strength continues to be a factor, pushing Cable lower on any rally attempts.
Intraday Plan
My bias is short, looking for a break downwards from this range. I'm setting an entry at 1.2635.
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