GBP/USD 4h Bearish Bollinger Bands Side Step Hints Downtrend Continuation

1 min read
tarantula fx

tarantula fx

Head of Trading

Hi traders,

The GBP/USD has formed a bearish side step (zig-zag) on 4h Bollinger bands whereas MACD is also bearish.

1.3080-90 rejection is suggesting more downside provided that 1.3130 stays strong. So reactions below 1.3100 should be bearish. Targets are 1.3045 and 1.3004. However if the price breaks 1.3130 it will be a bullish sign and next target will easily be 1.3150, before a retest of 1.3200 zone.

Many green pips,
Nenad Kerkez aka Tarantula FX
Elite CurrenSea

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