On the
daily chart of the GBP/USD we can see that the pair has been a very good
bearish trend since it bounced back down from the 1.4300 level, where we can
find the 55 month EMA. When the GBP/USD got to the 1.3900 level, it
consolidated for a while and then it accelerated its bearish momentum to get to
the 1.3700 level. The 1.3700 level has already acted as a support on the
GBP/USD, but even if the price breaks below that level, it may find some
support at the 200 day EMA. Below the 200 day EMA, its next support could be
the 1.3500 level. The current candle is the shape of a hammer, which is a
bullish reversal pattern. If the next daily candle is bullish, then the GBP/USD
may change its direction to the upside. However, the 1.3900 level may act as
resistance on the GBP/USD.
The downtrend looks intact.
ReplyDeleteThe move to the downside continues.
ReplyDeleteVery impressive drop so far.
ReplyDeleteThe pair will face further declines.
ReplyDeleteHelpful article!
ReplyDeleteVery useful article.
ReplyDeleteVery helpful analysis, thank you for sharing!
ReplyDeleteIt didn't found yet any support.
ReplyDeleteRisk remains on the downside.
ReplyDelete