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GBPUSD: Key Levels to Watch



GBPUSD set a new lower low lower close on a daily yesterday.

While a further decline is expected on the pair, here are the key levels for you to watch.


Vertical levels:

First of all, consider the boundaries of a falling parallel channel .

For now, its resistance is the closest safe point from where I would look for shorting opportunities.


Horizontal levels:

Support 1

1.31 - 1.32 demand zone .


Support 2

1.265 - 1.275 demand zone


Resistance 1

1.395 - 1.4 supply zone


Resistance 2

1.42 - 1.426 supply zone


Apply these key levels for pullback/trend-following/breakout trading.

Once the key level is reached, look for a confirmation first before you open a trading position.


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