GBPUSD - This is an updated technical review on pound dollar, currently seeing a bearish future view.
Daily Time Frame:
4 Hour Time Frame:
1 Hour Time Frame:
TeamFX review:
GBPUSD - Updated Bearish Technical View. On the higher timeframes structurally, we can see GBPUSD is continuing to range around the key Fib levels. Following the relief rally after the market crash in March. On the Daily timeframes, we can see clear the retest of the previous Descending Channel at the 1.2650 point noting the rejection off the 800 EMA on the 4hr timeframes. As we look further on the Daily timeframes the surge higher this week looks now to be forming a Double Top on the Daily timeframes. As we focus more on this pairs noting the 800EMA Rejection on 4hr as noted we can also a short term key level at 1.2475. Where price remains above this then shorts are invalid, as we may yet see a retest of this and continuation to retest highs on the shorter timeframes. To focus on this short bias, I want to see price action break the short term ascending trendline. Again, looking for the break and retest below the key EMA levels to initiate the downside moves. Where we get this breakout and moves lower I would be favouring a retest of the lows in the first instance with potential extension into 1.10. This moves, could be initiated where we see a retest of the lows in the stock markets and thus, be aware of this and the market correlations. The Longer term short bias, will be invalidated where price closed back above the most recent highs and continues a push into the 1.2750.
- Dan Legg
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