GBP/USD price action appears to be weak, trade with caution
After hitting the lows at mid-1.21 levels, GBP/USD made a decent recovery.
However, the recovery appears to have run out of steam now.
Price action over the last few days has been weak and currently, GBP/USD has edged
lower below the 100 period EMA on the 4hour chart. So, bulls need to be careful here.
There is a chance that GBP/USD may visit the recent lows once again. If bearish
price action persists, I would recommend traders to short GBP/USD@1.2570 with
SL above 1.2650 and TP at 1.22
However, the recovery appears to have run out of steam now.
Price action over the last few days has been weak and currently, GBP/USD has edged
lower below the 100 period EMA on the 4hour chart. So, bulls need to be careful here.
There is a chance that GBP/USD may visit the recent lows once again. If bearish
price action persists, I would recommend traders to short GBP/USD@1.2570 with
SL above 1.2650 and TP at 1.22