Turning Down
Our Pivot: 1.2342
Our Preference: Start short selling GBPUSD below 1.2307 with strict stop loss of 1.2342 and profit target at 1.2265 with extension towards 1.2240.
Alternate Scenario: Upward penetration of 1.2342 will call for 1.2390 and 1.2405.
NOTE: GBP is being capped by a strong horizontal resistance along with an ascending trend line.
Chart with supports & resistances:
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