$GBPUSD | 1H Trade Setup Update Position: 🔴 Short

$GBPUSD | 1H Trade Setup Update

Position: 🔴 Short

Trade Details:
• Entry: 1.2975
• Stop Loss: 1.2994
• Take Profit: 1.2918

● Current Analysis:
GBP/USD has broken down through key support and is heading into a potential short trade zone. Price is moving below the 200-period Moving Average (MA) and approaching a key Fibonacci retracement zone (0.786). The bearish divergence in momentum suggests further downside potential, while the price action is hovering near low-volume areas on the profile, indicating a lack of buyer support at these levels.

● Technical Indicators:
• Momentum: Declining, signaling bearish pressure is building.
• Volume Profile: Thin above current levels, meaning there’s minimal resistance for continued downside.
• Stochastic RSI: Still in oversold territory, but no sign of reversal yet, signaling the continuation of bearish momentum.

● Outlook:
With a clean break below 1.2982, GBP/USD could continue toward the target of 1.2875. However, traders should keep an eye on the Fibonacci and MA levels for any signs of consolidation or reversal. If 1.3035 is breached, it may invalidate the short setup, and a re-test of higher levels could occur. For now, the trend looks bearish.