Daily Price Action

GBPUSD Bearish Below 1.2500


Important: This site uses New York Close Forex Charts so that each 24-hour session starts and ends at 5 pm EST. These charts are essential for trading price action.

GBPUSD is hitting fresh 2019 lows this week.

It comes following last week’s close back above the 1.24800 – 1.2500 support area.

However, I was never interested in buying GBPUSD. I even mentioned that on Sunday.

Here’s what I wrote:

As long as the 1.2500 handle is intact as support, sellers need to be extra cautious here, in my opinion.

That said, I’m not buying the pound.

Despite closing back above the 1.2500 area last week, the GBPUSD still looks bearish overall.

That means I only want to short pops into resistance.

That turned out to be the right call.

From here, though, it’s all about whether or not sellers can defend the 1.2480 region as new resistance.

But as long as GBPUSD stays below it on a daily closing basis, I favor shorting strength.

Key support comes in just above 1.2300 followed by 1.2110.

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GBPUSD new resistance area

Leave a Comment:

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Thornton Masibo says

So we can buy at 1.2310 and afterwards sell at 1.2480.?? Is that what it means?? I like your analysis but sometimes some terms bypass me i dont seem to understand them. Kindly.

    Justin Bennett says

    No. I don’t buy a market if I’m bearish on it.

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Philip says

Spot on Justin

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