GBP/USD: Sell Stop 1.1780. Stop Loss 1.1885. Take-Profit 1.1760, 1.1717, 1.1600, 1.1500, 1.1410
Buy Stop 1.1885. Stop Loss 1.1780. Take-Profit 1.1934, 1.2000, 1.2054, 1.2120, 1.2270, 1.2525, 1.2690
In an alternative scenario, a breakdown of the important short-term resistance level 1.1934 will signal the resumption of an upward correction with targets at the resistance levels of 1.2000, 1.2054, 1.2120. Further growth looks unlikely so far. Although, it is also not ruled out if the rhetoric of Powell's statements at the Jackson Hole forum is considered "dovey" by market participants.
In the meantime, short positions remain preferable. Below key resistance levels 1.2525 (EMA144 on the daily chart), 1.2690 (EMA200 on the daily chart) GBP/USD remains in the long-term bearish market zone.
*) see also
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