Overview:

The GBP/USD pair has faced strong resistance at the level of 1.2410 because support had become resistance. So, the strong resistance has been already formed at the level of 1.2410 and the pair is likely to try to approach it in order to test it again.

However, if the pair fails to pass through the level of 1.2410, the market will indicate a bearish opportunity below the new strong resistance level of 1.2410 (the level of 1.2410 coincides with a ratio of 50% Fibonacci).

Thus, the market is indicating a bearish opportunity below 1.2350 so it will be good to sell at 1.2350 with the first target of 1.2276.

It will also call for a downtrend in order to continue towards 1.2155. The daily strong support is seen at 1.2155.

However, the stop loss should always be taken into account, for that it will be reasonable to set your stop loss at the level of 1.2430