GBP/USD
Time frame: H1
Technical analysis: After the pair tested the upward trend, it quickly headed south.
GBP / USD managed to touch the support of the newly formed downward trend and then recovered most of the losses to close the day flat. Since the price is now over 23.6% and 38.2% on Fibonacci, it is more likely to test the resistance of the new downward trend channel. After a test, we can position "Sell".
Indicators: The price is below 200 and 50 EMA, which for the time being indicate a strong resistance to the price.
DeM - Over-sold values that support the correction to trend channel resistance
SL: 1.3200
Alternative Scenario: In case of a break of the downward trend, the price will continue to rise until the next resistance around 1.3215
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