GBP/USD Bearish or Bullish?
GBP/USD remains pressured amid Brexit concerns & Dollar strength.
Price breached support at 1.3850 in yesterdays trading session but managed to bounce back above support this morning.
Resistance at 1.3900 remains the first barrier if the bulls look to re-enter the market which coincides with 50 MA on the 4Hr.
If the bears look to assert their dominance & successfully breach of support at 1.3850 it could deepen the sell-off, which may lead to a test of the next support zone at 1.3800 & below.
Momentum remains to the downside as seen on the higher timeframes & continues to trade below 50,100 & 200 MA on the 1Hr all bearish signs.
In the opposite direction as seen on the chart a flag pattern has emerged which may be a bullish continuation sign, in any case it’s worth watching these trendlines for further confirmation.
Support: 1.3850 – 1.3800
Resistance: 1.3900 – 1.3950
Price breached support at 1.3850 in yesterdays trading session but managed to bounce back above support this morning.
Resistance at 1.3900 remains the first barrier if the bulls look to re-enter the market which coincides with 50 MA on the 4Hr.
If the bears look to assert their dominance & successfully breach of support at 1.3850 it could deepen the sell-off, which may lead to a test of the next support zone at 1.3800 & below.
Momentum remains to the downside as seen on the higher timeframes & continues to trade below 50,100 & 200 MA on the 1Hr all bearish signs.
In the opposite direction as seen on the chart a flag pattern has emerged which may be a bullish continuation sign, in any case it’s worth watching these trendlines for further confirmation.
Support: 1.3850 – 1.3800
Resistance: 1.3900 – 1.3950
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