Home Forex Market Analysis Forex Signals GBP/USD Hit Take Profit – Downward Trendline in Play!

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

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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.

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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