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

By:
Nenad Kerkez
Updated: Oct 22, 2018, 12:34 UTC

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

GBP

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.

About the Author

Nenad Kerkezcontributor

M.Ec. Nenad Kerkez aka Tarantula is Elite CurrenSeas Head trader and a valued contributor to many premium Forex and trading websites.

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