GBP/USD Going Lower as The Trend Line Breaks

GBP/USD Technical Analysis

• GBP/USD is bearish
• Close below D L3 is bearish
• W L3 is support
• D L5 is the first target

DAILY CHART GBP/USD

1. Swing low
2. Swing high
3. First target
4. Final target

The GBP/USD is bearish. After the US holiday – Martin Luther King Day we should expect bigger volatility. The trend is to the downside and we should see the move down. A close below the D L4 1.3618 should move the price lower to D L5 camarilla 1.3594. This is the intraday target. However, on an extended move down below the D L5, we should see the W L4 hit which is 1.3553. A move up is not expected unless the trend line breaks to the upside. The pound imminent target is the D L5.

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Cheers and safe trading,

Nenad