Clear Reversal Signs on GBP/USD Chart
The GBP/USD pair is currently showing signs of reversal after forming a round top. The strong rally has now turned into a descending curve, with the price testing the key support at 1.31500. The price’s penetration below the 34 EMA and approaching the 89 EMA suggests that the downtrend could continue.
I predict that if this support fails to hold, GBP/USD could continue to decline to the next level around 1.31000, an area that can be considered for a low-risk buying opportunity to take advantage of the market’s recovery. At this stage, placing a stop loss order close to the support level will help limit the risk if the price continues to fall further than expected.
I predict that if this support fails to hold, GBP/USD could continue to decline to the next level around 1.31000, an area that can be considered for a low-risk buying opportunity to take advantage of the market’s recovery. At this stage, placing a stop loss order close to the support level will help limit the risk if the price continues to fall further than expected.
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