Symbol - GBPUSD
CMP - 1.3525
GBPUSD has been rallying amid a weakening US dollar but is now encountering strong resistance and showing signs of a false breakout suggesting a potential corrective phase ahead.
The pair is currently testing a key resistance zone within a distribution phase, with a double top pattern forming on the higher timeframe - a classic bearish reversal signal. Despite the broader bullish structure, the failure to sustain gains above key resistance 1.3600 and ongoing consolidation below 1.3545 point to weakening momentum.
Additionally, the US dollar has reached support levels and may begin to recover, adding further downward pressure on GBPUSD.
Resistance levels: 1.3548, 1.3570, 1.3600
Support levels: 1.3512, 1.3455
If the pair cannot hold above 1.3565 during this retest, a deeper pullback is likely, potentially offering short opportunities. The correction could extend toward the 1.3450–1.3365 & may test 1.3300 support range before any continuation of the broader uptrend.
CMP - 1.3525
GBPUSD has been rallying amid a weakening US dollar but is now encountering strong resistance and showing signs of a false breakout suggesting a potential corrective phase ahead.
The pair is currently testing a key resistance zone within a distribution phase, with a double top pattern forming on the higher timeframe - a classic bearish reversal signal. Despite the broader bullish structure, the failure to sustain gains above key resistance 1.3600 and ongoing consolidation below 1.3545 point to weakening momentum.
Additionally, the US dollar has reached support levels and may begin to recover, adding further downward pressure on GBPUSD.
Resistance levels: 1.3548, 1.3570, 1.3600
Support levels: 1.3512, 1.3455
If the pair cannot hold above 1.3565 during this retest, a deeper pullback is likely, potentially offering short opportunities. The correction could extend toward the 1.3450–1.3365 & may test 1.3300 support range before any continuation of the broader uptrend.
Trade active
CMP 1.3560Retesting breakdown resistance, Short position initiated.
Trade closed: target reached
CMP 1.3460First target has been reached, +100 pips in profit.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Trading isn’t a gamble. When skill meets discipline - profit becomes the natural outcome.
Join me, I'll guide you to PROFITABLE TRADING.
Connect with me directly on WhatsApp: +91-9915885550
Join my free Telegram group: t.me/akshit_official
Join me, I'll guide you to PROFITABLE TRADING.
Connect with me directly on WhatsApp: +91-9915885550
Join my free Telegram group: t.me/akshit_official
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.