GBP/USD Downtrend Continues with the Close Below W L4

2 min read
tarantula fx

tarantula fx

Head of Trading

GBP/USD Technical Analysis

  • GBP/USD Continues down
  • Below W L3 it’s bearish
  • Close below W L4 for continuation

4H Chart GBP/USD

  1. Swing high
  2. Swing low
  3. Top of retracement
  4. Breakout
  5. Final target

The GBP/USD is still bearish. We should see the move down below W L3. Continuation below W L4 1.3096. If market momentum holds we should see 1.3039 test and below 1.2990 as the final target. The market below 1.3039 is very bearish and M L5 should be tested. W L5 is the final target.

The first target is 1.6692, followed by 1.6598 the final target.

Good trading,
Nenad Kerkez

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