FX.co ★ GBP/USD: strong sellers

GBP/USD At Crossroads!

The GBP/USD pair drops at the time of writing and it could approach and reach the 1.3000 psychological level again soon. This level represents a downside obstacle. As you can see on the H4 chart, the price is trapped between the former low of 1.3000 and the downtrend line.

The downtrend line represents a dynamic upside obstacle. As long as it stays under this level, GBP/USD could extend its downside movement.

GBP/USD Trading Conclusion!

The GBP/USD pair could develop a larger downside movement if it drops and stabilizes below the 1.3000 psychological level which represents a downside obstacle.

On the contrary, staying above the 1.3000 and jumping above the downtrend line could announce a potential upwards movement and could help the traders to buy it.