Last chance for the GBP/USD bulls, key S/R levels

Hello traders, GBP/USD has fallen massively post the US CPI data release last week. While I expected price to fall upto the 1.2520 zone, I did not expect the 1.12520 horizontal support
to break down.

Looking at the chart, we can plot a price channel and currently, the price seems to be at the lower trend line of the price channel. So, in my opinion, this is the last level which the bulls must defend.

If the 1.2440 level holds, then we can consider buying GBP/USD@1.2440-1.2460 with targets at
1.2520 and 1.2580 respectively.

Kommentera:

Bought@1.2457

Kommentera:

Going well so far, trade has moved 30 pips in profit