GBP/USD SHORT

27 ביוני 2020

Next week i will be monitoring the progressing downtrend on the pair GBP/USD. The market sentiment is clearly to the downside with a downtrend developing three touches on the trend line with lower highs and lower lows in price action. I will be looking for the bulls to enter back into the market to drive price to retrace back up to the 1.24 " golden zone " of the 0.618 Fibonacci level to form the new lower high and then look for bearish pressure in the form of wick rejections, pin bars for confirmation for the market to show a reversal back to the downside to generate bearish momentum.