GBPUSD: Cycle peaked. Expect brutal bearish reversal.

2 באוק׳

GBPUSD is neutral on its 1D technical outlook (RSI = 54.143, MACD = 0.08, ADX = 33.338) but still bullish on 1W (RSI = 64.701). After rising nonstop since April and basically not having a long term correction since October 2023, we expect this bullish cycle of GBPUSD to be coming to an end. The Sine Waves structure is further proof of that, as it is past its top where in June 2021 and April 2018 it peaked. We turn long term bearish on this pair, aiming for the S1 level (TP = 1.2100).


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