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Forex Signals

GBP/USD Hit Take Profit – Downward Trendline in Play!

35679 and a low of 1.34507. The GBP/USD pair lost ground on Monday and dropped to a fresh 2-weeks lowest level amid the broad-based US dollar strength. The GBP/USD witnessed some selling for the fourth consecutive session on Monday and extended its retracement slide from 33-months highs. The momentum dragged the GBP/USD pair further below as the strong rally in the US Treasury bond yields supported the US dollar. The greenback recovered from nearly three-year lowest level after the treasury yields rally amid the hopes of additional US fiscal stimulus measures. Investors started pricing in the prospects for a more aggressive US fiscal spending in 2021 after the Democratic sweep in the US Senate runoff elections in Georgia.

Pip Hunter - AI Candlestick Detection

The Cable has traded in line with our forecast and closed our position in 47 green pips profit. At the moment, the GBP/USD pair may find resistance at the 1.3589 level that’s extended by a downward trendline on the 2 hourly timeframes. Let’s wait for the GBP/USD pair to reach 1.3630 resistance before getting any additional trade today. Good luck! 

Support Resistance

1.3496 1.3553

1.3475 1.3589

1.3439 1.3611

Pivot Point: 1.3532


Entry Price – Sell 1.36436
Stop Loss – 1.36836
Take Profit – 1.36036
Risk to Reward – 1:1
Profit & Loss Per Standard Lot = -$400/ +$400
Profit & Loss Per Micro Lot = -$40/ +$40
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Pip Hunter - AI Candlestick Detection

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