GBP/USD Set to Fall?

7 days agoOn the 4-hour chart of the GBP/USD pair, we see that the price is currently trading between two EMAs, with the 34 EMA above and the 89 EMA below, which suggests a lack of clarity and could be a sign of a sideways market in the short term. However, the price has just broken below the 34 EMA, which could be the first sign of increased selling pressure.

The main support level is currently located around 1.30724, which is the recent low. If the price continues to decline and breaks this level, it could trigger more selling pressure and push the price lower.

The resistance level to watch is around 1.32659, where the recent highs are concentrated. A breakout above this level could lead to a rally towards higher levels.

Buy: If price recovers above EMA 34 and sustains above this level, the target can be placed at 1.32659 (nearby resistance).

Sell: If price continues to decline and breaks the support level of 1.30724, the sell target can be placed lower at around 1.30000.

Stop Loss and Take Profit:
For buy orders: Place stop loss below support level of 1.30724 and take profit near resistance level of 1.32659.

For sell orders: Place stop loss above resistance level of 1.32659 and take profit near next support level which could be 1.30000.