GBP/USD Order Book Is Being Tested

GBP/USD Technical Analysis

• Bears are still in control
• Order block retest underway
• Ideally the rice should stay below 1.3453
• The failure to hold resistance will retrace the price higher

1. Order block support
2. Double top
3. Swing low
4. Bearish rejection
5. Order block retest

After a strong drop to the 1.3350 zone, Gold has found a consolidation area around the 1.3410 zone. The price is still bearish and bears are still in charge. However, for bearish momentum to persist, the price would ideally stay above 1.3453 which is the resistance zone close to M L4 camarilla pivot. At this point we can see that the price is trying to reject from the zone and the break and the daily close below 1.3400 will cue for more bearish momentum. Watch for continuation lower towards 1.3350 retest then 1.3322 and 1.3274.

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Cheers and safe trading,

Nenad