GBP/USD Faces Strong Selling, Downtrend May Continue
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Looking at the 4-hour chart of GBP/USD, I notice that the pair is in a clear downtrend, with the EMA 34 and EMA 89 both sloping down, indicating strong selling pressure. The current price is approaching the bearish support line below the 1.2740 area.
The psychological resistance zone around 1.2800 – 1.2850 has been tested several times but failed to break above. This shows that the selling pressure is still dominant and is likely to push the price further down if there are no signs of strong support.
My trading plan is to wait for a small correction to the resistance zone of 1.2800. If the selling pressure persists in this area, I will consider entering a short position with the target of approaching the lower support zone around 1.2700 or lower. Conversely, if price breaks and goes above 1.2850, I will re-evaluate my strategy.
The psychological resistance zone around 1.2800 – 1.2850 has been tested several times but failed to break above. This shows that the selling pressure is still dominant and is likely to push the price further down if there are no signs of strong support.
My trading plan is to wait for a small correction to the resistance zone of 1.2800. If the selling pressure persists in this area, I will consider entering a short position with the target of approaching the lower support zone around 1.2700 or lower. Conversely, if price breaks and goes above 1.2850, I will re-evaluate my strategy.
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