GBPUSD SHORTS Weekly, Daily & 4hr breakdown.

GBPUSD SHORT THESIS
• Weekly: Price is currently in a bearish trend with price forming lower highs (LH) & lower lows (LL). Price pulled back during the retracement phase and tapped 1.3300 monthly resistance and is now on its way down to 1.2550 weekly support during expansion phase.

• Daily: This week has been a very bearish week as price strongly broke through ascending trendline to the downside. There was a clear break of the daily level 1.2870 then price made its way down to 1.2800 monthly support and rejected off it. Price is now expected to make its way back up to 1.2870 for a retest before making its way back down beyond 1.2800 support down to 1.2750 daily support.

• 4hr: Price is currently in a strong bearish trend CHANNEL with price showing a series of lower highs (LH). Price broke through 1.2870 level of support and made its way down to 1.2800 support and closed as a pin bar . I do now expect price to rally back up to 1.2870 (support turn resistance) to form another lower high (LH) & tap the top trendline of the channel. Once that level is reach we then go for short (sell) down to 1.2750 Daily support.

Order cancelled:

Price will be making its way up alot more higher and break bearish channel.