GBP/USD sellers catch a breather around 1.3123 during Friday’s Asian session. The cable refreshed weekly bottom the previous day before recently bouncing off 1.3106.


The price zone around the previous channel’s upper limit around 1.3100 puts a strong bearish pressure on the GBPUSD Pair. Where the upper limit of the current channel comes to meet this pair.

Though, additional pullback moves toward October’s high near 1.3175 and then to the 1.3200 threshold can’t be ruled out. Price action should be watched for a temporary profit taking pullback from the bears for signs of bearish pressure continuation as a valid SELL Entry can be grabbed .

Initial bearish movement target is located at 1.3000 which coincides with 50% Fibonacci retracement of bullish move since 23rd September. A relevent exit , S/L should be placed above 1.3300.

The material has been provided by InstaForex Company –

Leave your vote

🚀If you want to get a Forex Robot Coded as per your trading strategy but are unable to do so because of the high price for the Robot then you can take advantage of the CROWD FUNDING campaigns feature. ✔ These are some crowd funding campaigns for Forex Robots, which when completed can provide the very same Forex Robot to the participants at an average price of $5-$10 per participant. ✔ You either participate in one of the already listed campaigns or send us your Forex strategy : Submit Crowd Funding Campaign , for which you would like the Forex Robot to be coded. A Crowd Funding Campaign would then be started for the same . ✔ All you have to do later on is to share the campaign online with your friends to encourage more people to participate in the campaign.

As a result, each participant can get that Forex robot for just a campaign contribution of $5 (which is the minimum). Participants can back the campaign by anything above or equal to $5 to reach the funding goal to close the campaign.