GBP/USD: Bearish Pressure Remains
GBP/USD hovers near 1.21685, weighed down by the strength of the US dollar and disappointing UK economic data. On the daily chart, the pair remains below the EMA 34 (1.24791) and EMA 89 (1.26814), with key resistance at 1.25257. The bearish trend persists, with potential targets at the support level of 1.18658.
Trading Strategy:
Sell (short) near 1.25257, targeting take-profits at 1.21685 and 1.18658, with a stop-loss above 1.25500. If the support at 1.21685 breaks, consider adding more short positions. Should the price surpass 1.25257, a temporary recovery might occur but is likely to remain capped below the EMA 89
Trading Strategy:
Sell (short) near 1.25257, targeting take-profits at 1.21685 and 1.18658, with a stop-loss above 1.25500. If the support at 1.21685 breaks, consider adding more short positions. Should the price surpass 1.25257, a temporary recovery might occur but is likely to remain capped below the EMA 89
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