Downside Prevails
Our Pivot: 1.2040
Our Preference: Short sell GBPUSD below 1.1995 with strict stop loss of 1.2040 and profit target at 1.1940 and 1.1900.
Alternate Scenario: Upward penetration of 1.2040 will call for 1.2080.
NOTE: GBP is being capped by supportive trend line of its previous triangle along with a strong horizontal resistant region.
Chart with supports & resistances:
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