?GBP/USD Possibly Targeting 1.3440?

2 min read
tarantula fx

tarantula fx

Head of Trading

The British Chambers of Commerce’s (BCC) Quarterly Economic Survey didn’t help the GBP/USD much. After a brief rally above 1.3520 towards 1.3560, the GBP/USD dropped making a new low on the 4h chart.

A brief rally yesterday was a fake out that couldn’t make it above 1.3560. Today, the price is clearly bearish with the POC zone within 1.3485-95 and the MACD suggest further down 1.3440 zone is the next support and if the pair drops to W L5, it could bounce as we have a confluence of supports there (ATR, W/M Camarilla, trend line).  Only a clear close below the trendline will make the GBP/USD more bearish and the way to 1.3370 should be open.


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