GBP/USD Bearish Momentum Persists Despite the Bull Trap

2 min read
Nenad Kerkez

Nenad Kerkez

Head of Trading

Dear Traders,

The bull trap which happened yesterday on the GBP/USD fooled traders to think the price might be going up. The GBP/USD is bearish.

1.2320-40 is the POC zone where we see the trend line broken. If the GBP/USD manages to close below 1.2314, we should see a continuation move down. The target will be 1.2285. Yesterday’s spike out of nowhere was caused by the news where mrs.Merkel said to tell EU leaders virus response must be ‘huge’ ( Source ). At this point we see the GBP/USD back in the main trend as the bull trap obviously fooled many traders to think the trend is changing.

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

 

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