GBP/USDMarket NewsTechnical Analysis

GBP/USD:  The Bear is Set to Continue its Move

  • GBP/USD made a significant bearish breakout.
  • Simple Moving Average 30 works as a resistance.
  • The H1 chart looks bearish.
  • Intraday minor charts are bearish.
GBP/USD H4 Chart
GBP/USD H4 Chart

GBP/USD- Technical Analysis-H4 Chart

The pair made a significant bearish move on the H4 chart. The last H4 candle closed below the last week’s low. If the chart confirms the breakout, the pair may head towards the South and make a new lower low. Simple Moving Average works as a resistance. It may attract more sellers to look for short opportunities. If the pair continues its bearish move, it may find its next support around 1.24500.

On the other hand, if the price goes back into the breakout level and makes it a support instead, the pair may get choppy for a while. It may not get bullish unless it makes a breakout at Simple Moving Average 30. A bullish move from here may push the price towards 1.27000.

GBP/USD H1 Chart
GBP/USD H1 Chart

Price Action Analysis- H1 Chart

The chart shows that the price has been heading towards the downside by obeying a trend line. It had multiple rejections at the trend line’s resistance. Before making the last bearish move, it consolidated around a horizontal resistance and headed towards the downside. The sellers may wait for the price to produce a bearish reversal pattern at the value areas to go short in the pair. The price may find its next support around 1.25000.

On the upside, the price may make a move towards the North in search of a resistance. Trend line’s resistance would be the sellers’ preference to go short. As things stand, the price is to move relatively a long way to find its resistance around the bearish trend line.

The H4 and the H1 both charts look good for the sellers. They are to keep their eyes for the pair to produce unyielding signal at the value area to go short.

Written by: Md Tareq Sikder, Senior Analyst Forex Prop News

Contact and follow Tareq on Twitter: @tareqfpn

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