My previous GBP/USD signal on 22nd February produced a slightly profitable long trade from the bullish reversal at the support level.
from this price range between $1.2150 and $1.2058 – I thought that if it broke down, the price would reach $1.2000, although short trades would be more difficult.
This was a good call as once the price got established below $1.2058 it continued to move down over the week, but in a bit of a choppy descent. The technical picture has become even more bearish as the strong US Dollar and Japanese Yen, as safe-haven currencies, sweep everything before them in the current risk-off market environmentThe price is much more about the US Dollar than the British Pound.
Technically, we are seeing a significant bearish development, with the price breaking down below the key support level at $1.1936. If the first two hours of the London session are consecutive lower closes below $1.1936 I will be happy to enter a short tradeIf the price quickly recovers and spends the first part of the London session trading back above $1.1936, that would be a minor bullish sign, but I would not want to take a long trade today in this currency pair under any circumstances.
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