GBP/USD Downtrend Resumes if the Price Stays Below 1.4000

2 min read
tarantula fx

tarantula fx

Head of Trading

The GBP/USD is still below trend line and MACD 0 line on the CAMMACD charts. If the price stays below 1.4000, downtrend will resume.

The popular “Cable” might reject from the POC zone 1.3950-60 and go for possible 1.3895 on intraday basis. However, if the price drops below 1.3890, pay attention to 1.3867 and possibly 1.3792 as a part of bigger swing. Ideally the price should not go above 1.4000 as it would close the door for both W L3 and W L4 levels. Have in mind that 1.3896 is a bouncing spot, so you might be also interested in short term scalps in counter-trend (long) direction from that level. If that is the case, it will only be a temporary relief before next leg down.

Cheers and safe trading,
Nenad Kerkez aka Tarantula FX

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