Despite the GBP's surge on Friday following the reached agreement on migration between the EU and U.K the Pound still looks like it can print a new downside leg.
The Monthly candlestick closed below the key support region of 1.3250 and formed a hanging man candlestick which was mirrored on the Weekly timeframe also.
Here on the Daily timeframe, we can clearly see lower low's and lower high's being printed with the most recent low printed last Friday 29th June before rebounding back into the refined Fibonacci region of 61.8 and 78.60% which is a great area for reversals.
My viewpoint is currently bearish on GBPUSD and today's Manufacturing PMI (Jun) 09:00 GMT may disappoint, I will be holding back and awaiting for Monday's movements to clear away in order to gain further clarity.
Candlesticks will be very important in this region as a strong bearish candlestick closure in confluence with a 3rd bounce of the descending trendline could give the signal that i'm looking for.
The Monthly candlestick closed below the key support region of 1.3250 and formed a hanging man candlestick which was mirrored on the Weekly timeframe also.
Here on the Daily timeframe, we can clearly see lower low's and lower high's being printed with the most recent low printed last Friday 29th June before rebounding back into the refined Fibonacci region of 61.8 and 78.60% which is a great area for reversals.
My viewpoint is currently bearish on GBPUSD and today's Manufacturing PMI (Jun) 09:00 GMT may disappoint, I will be holding back and awaiting for Monday's movements to clear away in order to gain further clarity.
Candlesticks will be very important in this region as a strong bearish candlestick closure in confluence with a 3rd bounce of the descending trendline could give the signal that i'm looking for.