GBP/USD Technical Downtrend in Progress

2 min read
tarantula fx

tarantula fx

Head of Trading

GBP/USD Technical Analysis

  • GBP/USD Going down below the MAs
  • Crisis induced trend
  • Risk off
  • 1.3228 could be next

Daily Chart GBP/USD

  1. Swing low
  2. Swing high
  3. M pattern breakout point
  4. Entry zone
  5. Target

The GBP/USD is in downtrend. After a retracement and gap down we can see that the price is retracing towards the point 3 – the breakout point. We should see the price retracing towards the point 3 and then move down again. The entry zone 1.3390 should move it. The first target is 1.3345 then 1.3228. Selling the rallies is the tactic now.

The Analysis has been done with the Black Widow system.

Good trading,
Nenad Kerkez

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