-- On the 30-minute chart, GBP/USD is trading in a downtrend. The pair has broken below its key support level at 1.2100, and is now targeting the 1.2000 level.
-- On the 4-hour chart, GBP/USD is also trading in a downtrend. The pair has broken below its key support level at 1.2200, and is now targeting the 1.2050 level.
-- On the daily chart, GBP/USD is also trading in a downtrend. The pair has broken below its key support level at 1.2300, and is now targeting the 1.2000 level.
Technical Analysis Tools and Guidelines
-- Elliot Wave Theory: GBP/USD is currently in a correction. This suggests that the pair is likely to continue to decline in the near term.
-- RSI: The RSI indicator is oversold on all timeframes, suggesting that GBP/USD is due for a bounce. However, the overall trend is bearish, so any bounce is likely to be short-lived.
-- MACD: The MACD indicator is below the signal line on all timeframes, suggesting that the bearish momentum is strong.
Conclusion
The overall outlook for GBP/USD is bearish. The pair is trading in a downtrend on all timeframes, and the technical indicators suggest that the decline is likely to continue in the near term. However, the RSI indicator is oversold, so there is a possibility of a short-lived bounce in the near future.
I hope this post is helpful.
This analysis represents is based on the information at the date it is posted.
This analysis does not represent professional and/or financial advice.
You alone assume the sole responsibility of evaluating the merits and risks associated with the use of any information or other content found on this profile before making any decisions based on such information.
Any feedback is encouraged and appreciated. Thank you and have a nice day!
-- On the 4-hour chart, GBP/USD is also trading in a downtrend. The pair has broken below its key support level at 1.2200, and is now targeting the 1.2050 level.
-- On the daily chart, GBP/USD is also trading in a downtrend. The pair has broken below its key support level at 1.2300, and is now targeting the 1.2000 level.
Technical Analysis Tools and Guidelines
-- Elliot Wave Theory: GBP/USD is currently in a correction. This suggests that the pair is likely to continue to decline in the near term.
-- RSI: The RSI indicator is oversold on all timeframes, suggesting that GBP/USD is due for a bounce. However, the overall trend is bearish, so any bounce is likely to be short-lived.
-- MACD: The MACD indicator is below the signal line on all timeframes, suggesting that the bearish momentum is strong.
Conclusion
The overall outlook for GBP/USD is bearish. The pair is trading in a downtrend on all timeframes, and the technical indicators suggest that the decline is likely to continue in the near term. However, the RSI indicator is oversold, so there is a possibility of a short-lived bounce in the near future.
I hope this post is helpful.
This analysis represents is based on the information at the date it is posted.
This analysis does not represent professional and/or financial advice.
You alone assume the sole responsibility of evaluating the merits and risks associated with the use of any information or other content found on this profile before making any decisions based on such information.
Any feedback is encouraged and appreciated. Thank you and have a nice day!
I hope this was helpful.
This analysis represents my thoughts at the date it is posted.
This analysis does not represent professional and/or financial advice.
Trade wisely!
ymagnify.com/
This analysis represents my thoughts at the date it is posted.
This analysis does not represent professional and/or financial advice.
Trade wisely!
ymagnify.com/
