GBP/USD Bearish Forecast
Good morning Traders! Today we want to share our bearish view on GBP/USD.
🔸We see that the price after bouncing off the resistance zone and breaking the Major Channel began a consolidation. We were expecting a bearish continuation but it clearly did not happen. On the contrary, the price generated a solid bullish movement, slow, but directional.
🔸Now, this upward movement has reached a huge Resistance Zone , where, during the last years, every time the price approached this zone, it was strongly rejected downwards. Because of this, there is a chance that the same thing will happen this time.
🔸Due to this, we consider that this pair may have a bearish resolution.
🔸The first target is the Ascending Trendline of the corrective structure, and, if it is broken, then we could see a downside move towards the Support Zone.
🔸 If we go to a higher timeframe (Weekly), we can confirm the direction. The range can be seen clearly, and there is free path towards the next Support.
🔸We see that the price after bouncing off the resistance zone and breaking the Major Channel began a consolidation. We were expecting a bearish continuation but it clearly did not happen. On the contrary, the price generated a solid bullish movement, slow, but directional.
🔸Now, this upward movement has reached a huge Resistance Zone , where, during the last years, every time the price approached this zone, it was strongly rejected downwards. Because of this, there is a chance that the same thing will happen this time.
🔸Due to this, we consider that this pair may have a bearish resolution.
🔸The first target is the Ascending Trendline of the corrective structure, and, if it is broken, then we could see a downside move towards the Support Zone.
🔸 If we go to a higher timeframe (Weekly), we can confirm the direction. The range can be seen clearly, and there is free path towards the next Support.
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