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02.11.2023 08:07 AM
The GBP/USD pair faced a strong resistance near 1.3200 and started a fresh downtrend.
It broke the 1.2800 support level on a H4 candlestick and extended its decline towards 1.2500, where it met a crucial Fibonacci retracement level.
This could be a good opportunity for intraday traders to go long, with a stop loss just below 1.2500.
However, the pair showed some indecision in a tight range before resuming its bearish trend.
The next target for the bears could be 1.2150, where another zone of indecision has been established.
A break below this level could open the doors for more losses towards 1.1850.
Conversely, any bullish recovery towards 1.2520-1.2600 could be seen as another chance to sell.
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