GBP/USD Trading Analysis (05/12/2024)
The trend is down. The currency pair is trading in the range between 365 and 135 ЕМАs. The ascending wave structure is truncated . There is a bearish divergence on the Awesome Oscillator, and the Stochastic Oscillator signals an overbought condition.
Trade idea:
- Sell at the beginning of the formation of the descending wave structure, when the wave A breaks the sloping channel of the ascending truncated structure.
- Stop-loss at 1.2721.
- Target price at 1.2650 and 1.2616.
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