GBPUSD has broken below the support established on 13 May. The 4H chart is bearish, but has a thin Kumo which can imply overextension. We need to use lower timeframes to confirm and follow the trend:
On the 1H chart we have a nice thick Kumo angled down, Tenkan and Kijun-sen are angled down, and Chikou below the candles. You can also see the support breakout. The market momentum and equilibrium is heading lower.
We can also see the currency strength scanner in the corner showing GBP is one of the weakest currencies, while USD is the strongest. Multiple confluences to trade bearish.
I will follow on the 1H and 15m/5m charts to look for entry edges to go short.
AUDUSD is also following similar price action and is worth monitoring.
