Hi Traders!
GBPUSD has a bearish outlook on the 4H chart, and we could have a breakout soon as further pressure is quickly mounting on the pound.
Here are the details:
Looking at the price action, it looks bearish due to the market swings; the market has tested the support trendline multiple times and has had a recent price rejection at 1.26548. Additionally, the market has broken below the 20 EMA.
We also have BoE Governor Bailey speaking later, and the traders will be very nervous about the worse-than-expected results from the MPC vote earlier this month.
As long as the market is still below the 20 EMA, our view will remain bearish. The confirmation signal will be either a break and close below the support trendline or an opening candle below the support trendline.
Preferred Direction: Sell
Technical Indicators: 20 EMA
Resistance: 1.26548
Support: 1.26000
Please make sure to click on the like/boost button 🚀 as your support greatly helps.
Trade safely and responsibly.
BluetonaFX
GBPUSD has a bearish outlook on the 4H chart, and we could have a breakout soon as further pressure is quickly mounting on the pound.
Here are the details:
Looking at the price action, it looks bearish due to the market swings; the market has tested the support trendline multiple times and has had a recent price rejection at 1.26548. Additionally, the market has broken below the 20 EMA.
We also have BoE Governor Bailey speaking later, and the traders will be very nervous about the worse-than-expected results from the MPC vote earlier this month.
As long as the market is still below the 20 EMA, our view will remain bearish. The confirmation signal will be either a break and close below the support trendline or an opening candle below the support trendline.
Preferred Direction: Sell
Technical Indicators: 20 EMA
Resistance: 1.26548
Support: 1.26000
Please make sure to click on the like/boost button 🚀 as your support greatly helps.
Trade safely and responsibly.
BluetonaFX