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GBPUSD has recently rejected around the 1.2200, will we see a short opportunity form here on the forex pair?

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GBPUSD Short Trade Idea

The price of GBPUSD has recently reached the key resistance zone of 1.2200 and rejected. Could this offer us a short trading opportunity in the near future? Fundamentally the GBPUSD price could trade lower as the Bank of England has recently talked of recession. The Federal Reserve will have to tread carefully as the NFP numbers could cause the inflation rate to rise. This means the Fed may have to hike further than anticipated. 

Looking at the price we could see a move down to 1.2000. However, in order for a short to form we need to look for a trading pattern to form around the recently formed highs. If the price forms a double top pattern we can look to short down to key support.

GBPUSD Forex Pair Forex Broker 9-2-23

The price on the chart has traded through multiple technical levels and some observations included:

  • Price-has found resistance at 1.2200.
  • On the H1 chart price is in an upward trend.
  • We need to wait for a bearish pattern to form here such as a double top.
  • If price forms a double top traders could look to short down to 1.2000.

Have you watched our NZDUSD analysis? You can see it here

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