GBP/USD is bearish and will continue to be so until factors indicate otherwise. I see a short-term bounce which serve as a correction as the overall trend is negative.
CONSIDERATION: As linked below or via my ideas, GBP/USD may act in a way which will fulfil a head & shoulders pattern. This may weaken the short-term bounce or perhaps even negate it.
VERDICT: Still net bearish with an expected short-term bounce. Magnitude of said bounce to be in accordance with either the fibonacci retracement level, near proximity overhead resistance or full fulfilment of the head & shoulders formation may indicate no bounce at all.
DISCLAIMER: Take this trade with caution and don't be greedy with the target due to the nature of GBP/USD during this time. Otherwise await the bounce and short the trend when reasonable.
- 2H Bearish RSI Divergence
- 61.8 Fibonacci Level reached
- Strong historic, proven support level
CONSIDERATION: As linked below or via my ideas, GBP/USD may act in a way which will fulfil a head & shoulders pattern. This may weaken the short-term bounce or perhaps even negate it.
VERDICT: Still net bearish with an expected short-term bounce. Magnitude of said bounce to be in accordance with either the fibonacci retracement level, near proximity overhead resistance or full fulfilment of the head & shoulders formation may indicate no bounce at all.
DISCLAIMER: Take this trade with caution and don't be greedy with the target due to the nature of GBP/USD during this time. Otherwise await the bounce and short the trend when reasonable.
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Watching the 90MA for potential take profit and to open a short.
