The GBP/USD pair bounced off over 1.3263 level, trading at 1.3340 level now. On the 4 hour timeframe, the GBP/USD is consolidating in between a broad trading range of 1.3406 – 1.3263. The Cable may find the next support at 1.3204 level, and below this, the next support can also be found around 1.3100 level today. On the higher side, the resistance hold around the 1.3406 mark. The 50 periods EMA also helps sell bent, while the Sterling is still seeking to close candle beneath 1.3330. If this occurs, we may see a revival of a selling bias in the GBP/USD pair. The MACD and RSI are suggesting selling bais in the pair, and we should look for selling trades below the 1.3350 level today.
Entry Price – Sell 1.33248
Stop Loss – 1.331
Take Profit – 1.32848
Risk to Reward – 1:1
Profit & Loss Per Standard Lot = -$400/ +$400
Profit & Loss Per Micro Lot = -$40/ +$40
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