GBPUSD SHORT TERM BEARISH BUT…

2022年12月26日

For short term (1H tf), downtrend consolidation is more likely to break because:
* volume is low / making LL, indicating the absence of big players (institutions) therefore the trend might not get strength to reach to the resistance.
* RSI is making LL, opposite to the price uptrend thus price is more likely to reverse.
* The price might find a resistance at its 50 MA (EMA), which it is so close to.
* The price is under both 50 MA & 200 MA indicating that it’s in downtrend.
* The last 15 candles seems to made contracting consolidation indicating that high chance for reversal of the little uptrend.
* Formation of bearish flag

CONSLUSION:

* Price might target to nearest demand zone, else the nearest resistance.

For long term,
* MA of 50 period in monthly timeframe slopes downward showing that the trend is downtrend.
* Resisted from lev 0.5 (1.23051) in weekly fib retracement, and might fall to lev 0.38.
* Daily timeframe uptrend reversal
* Daily timeframe Fibonacci retracement from level 0 and might further fall to level 0.23, or 0.38
* Daily timeframe RSI fail to make new HH, RSI is overbought, it might face to the lower bond (≈30) coming from the upper bond(70)