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The GBPUSD pair has been moving sideways with some bearish tendency while bearish breakout below 1.3600 was needed to enhance further bearish decline.
Bearish breakout below 1.3680 enabled further bearish decline towards 1.3400 which corresponded to 123% Fibonacci Level of the most recent bearish movement.
This was a good entry level for a corrective bullish pullback towards 1.3650 and 1.3720 which was temporarily bypassed.
Shortly after, the pair was testing the resistance zone around 1.3830 where bearish pressure originiated into the market.
Currently, the intermediate-term outlook remains bearish as long as the pair maintains its movement within the depicted channel below 1.3400.
More bearish extension was expected towards 1.3220 where the lower limit of the current movement channel came to meet with Fibonacci level.
However, Conservative traders should be looking for BUY trades around these price levels after significant bullish recovery has originated around 1.3220.
That's why, the price levels around 1.3220 constituted a valid Entry Point for BUYERS with projected targets around 1.3570 and 1.3600.
On the other hand, the price level of 1.3570 stands as a key-resistance to be watched either for bearish reversal or a continuation pattern upon any upcoming visit.
*এখানে পোস্ট করা মার্কেট বিশ্লেষণ আপনার সচেতনতা বৃদ্ধির জন্য প্রদান করা হয়, ট্রেড করার নির্দেশনা প্রদানের জন্য প্রদান করা হয় না।
ইন্সটাফরেক্স বিশ্লেষণমূলক পর্যালোচনাগুলো আপনাকে মার্কেট প্রবণতা সম্পর্কে পুরোপুরি সচেতন করবে! ইন্সটাফরেক্সের একজন গ্রাহক হওয়ায়, দক্ষ ট্রেডিং এর জন্য আপনাকে অনেক সেবা বিনামূল্যে প্রদান করা হয়।
