GBP/USD Bearish but Break Below 1.2300 is Needed

Dear Traders,

The GBP/USD is bearish. The 1.2350 zone is providing resistance and we can see new sellers within the zone. If they manage to bring the price below 1.2300, the next wave of selling should start.

1.2300 has been providing support yesterday, when price tested 1.2300 after a strong drop. However the correction was a bit stronger as the markets went to 1.2385. If the GBP/USD manages to close below 1.2300, we should see renewed bearish momentum where the first target is the 1.2260-70 zone. In addition to the move, we can also see a bearish head and shoulders (leaned) formation, which adds to the bearish outlook.

The analysis has been done with the CAMMACD system.
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Many green pips,
Nenad Kerkez aka Tarantula FX
Elite CurrenSea