GBP/USD - Current View
Here we see GBP/USD on the 4h TF
The price is currently at a support level (resistance becomes support) after a bearish rally and the RSI is oversold
The daily trendline has been broken and we expect a small pullback to retest the trendline before a further move down to our downside target around the 1.52 level. Our downside target is not just a support level where we expect the price to bounce to the upside but also a 0.5 fibonacci level made form the swing low to swing high on the daily TF.
The price is currently at a support level (resistance becomes support) after a bearish rally and the RSI is oversold
The daily trendline has been broken and we expect a small pullback to retest the trendline before a further move down to our downside target around the 1.52 level. Our downside target is not just a support level where we expect the price to bounce to the upside but also a 0.5 fibonacci level made form the swing low to swing high on the daily TF.
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