The GBP/USD is in a descending channel which could mean bearish trend exhaustion.
Arrows 1, 3, and 4 show a potential bullish run. Moreover, before a long position could be confirmed, the price would have to break out the upper channel (trendline) and probably retest the Arrow 3 support at 1.3090 and use the 200 SMA as support as well.
If any of that did not happen, then the trend might continue inside the channel below the 200-day sma or surge deeper.
Trading Setup
Wait for breakout or a further surge!!!
Arrows 1, 3, and 4 show a potential bullish run. Moreover, before a long position could be confirmed, the price would have to break out the upper channel (trendline) and probably retest the Arrow 3 support at 1.3090 and use the 200 SMA as support as well.
If any of that did not happen, then the trend might continue inside the channel below the 200-day sma or surge deeper.
Trading Setup
Wait for breakout or a further surge!!!