GBP/USD more bearish pressure ahead

FX:GBPUSD   British Pound / U.S. Dollar
IF we look at price action over the last few weeks we can see that the recent bullish spike of the recent few days is simply a pullback retest rather than a bullish reversal. Last week we saw the market breaking below the monthly trendline with strong bearish follow-through, price then tested the 1.2552 monthly support level . The rejection at this level followed by the bullish spike near the middle of last week made some believe that the bulls were now in control of the market, however I believe this is incorrect. If we look closely at current price action, we can see very weak bullish candlestick in the last week and the morning star formation on the 4hr confirms that price was simply re-testing the 1.2700 break out point. The bears were patiently waiting for price to reach this level before re-entering their short positions. Meaning that the bears are still well in control of the market

I expect the bears to push price to the 1st profit target I've identified, depending on the weakness of the bulls we can expect price to reach this target tomorrow or early next week.


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