Chart of the Day $GBPUSD

/ Blog / By Alex

On the GBPUSD daily chart, we can see that the instrument is breaking below the strong horizontal downside resistance 1.2660 level for an extreme downside extension. This break should be confirmed for the high probability short trade entries. We could see a bounce from here,

Note: Look for the short trade entries on a pullback into the 1.2660 level based on the price action. The daily close above the 1.2830 level would completely invalidate the downside extension.

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