GBPUSD has finished the week trading at 1.24870 which is below the psychological support at 1.25000. We have found a very interesting set-up on GBPUSD on the daily chart. This pair has created a double top on the daily chart and clearly bearish now. In the last week, pair has retested the recent high at 1,26400 and unable to break this resistance.
It looks like a tuff resistance for the bull to break out where sellers dominate and push the pair back to 1.25000 level. The next support is seen at 1.22800 which sellers need to break to push the pair back below 1.21700 level. if both the support breaks we might see GBPUSD trading below 1.20000 for the upcoming weeks. We also have found a tradeline setup for the GBPUSD on the daily chart.
On the other hand, If GBPUSD can break the tuff resistance at 1.26400, we might see pair might challenge 1.28000 level. Right now we are bearish on GBPUSD.
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This trading analysis is only for getting an idea about the current market situation. This is not a signal. These can be used for education purposes only.