I am still waiting for the GBPUSD has a short potential from the resistance level at the price of 1.2645. The potential for the drop from here is expected as we are in a downtrend and the market has continued its lower low and lower high formation towards the support level. Also note that the market is ranging right now.

The descending trendline is on the verge of being tested and once broken out from the trendline, the trend would still remain the same and the market may reverse from the spot.

The retracement level of 61.8% is in confluence with the resistance level to push the market down.

EMA 50 is still bullish after breaking from the candles. Later on, it can turn bearish.

RSI is at 56. It needs to dwell towards the over bought region from where the market can dive down.

GBPUSD pending shorts from resistance level

Feb 20 2024