GBPUSD analysis for week ahead - 23/07/2018
1. Bullish GBP trend broken on 11/07/2018 due to increasing weakness and uncertainty around the pound amidst Brexit uncertainty.
2. 1 week post break of bullish trend, we saw 3 rejections of key level 1.3274 before seeing the bears come into play and producing a 250+ pip sell off, smashing through our key level of support at 1.3128.
3. Since then we have a seen a bullish 150+ pip pullback to retest our previous key level of support at 1.3128. On Friday at market close, we failed to close above our previous level of 1.3128 support.
4. I anticipate further downside in this pair due to the pullback being complete, coupled with the weekly close below previous support now acting as resistance and GBP weakness/uncertainty amidst Brexit talks.
2. 1 week post break of bullish trend, we saw 3 rejections of key level 1.3274 before seeing the bears come into play and producing a 250+ pip sell off, smashing through our key level of support at 1.3128.
3. Since then we have a seen a bullish 150+ pip pullback to retest our previous key level of support at 1.3128. On Friday at market close, we failed to close above our previous level of 1.3128 support.
4. I anticipate further downside in this pair due to the pullback being complete, coupled with the weekly close below previous support now acting as resistance and GBP weakness/uncertainty amidst Brexit talks.