Wednesday, January 10, 2018

Possible bearish breakdown on the Pound

The GBP/USD has found a good resistance zone at the 1.3600 level from where it bounced to the downside to the 1.3500 level and forms what it appears to be a bullish flag on the daily chart. The price of the GBP/USD has been really consolidating between those two levels without taking a clear direction. However, during the last trading sessions, the candles have been bearish and the price has tried to break below the 1.3500 level. If the GBP/USD breaks below the 1.3500 level, then it could visit the 1.3400 level where we can also find the 55 day EMA. To the upside, the 1.3600 level could still act as resistance, but a breakout of that level could take the pair to the 1.3700 level.

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