GBP/USD Price Forecast – downtrend line holds

The British pound has broken down a bit during the trading session on Friday, but you can see has also bounced near the 1.30 level. The question now is whether or not that trend line above continues to put downward pressure on this pair. I think it does, because there is a lot of uncertainty when it comes to the Brexit, it of course conflicting headlines. That being said, there is the occasional rumor that gets thrown around Twitter, sparking a rally. However, this downtrend line has been rather reliable so far. The 1.30 level of course triggered a bit of order flow, especially considering how bullish the candlestick was the goddess to that level again. I believe this bounce will probably be somewhat short-lived and would not be surprised at all to see this market break down below the 1.30 level again, reaching towards the 1.27 level which of course is a major support.

GBP/USD Video 12.11.18

Speaking of the 1.27 level, it could be the bottom of a descending triangle, and that could send this much lower. If we break down below the 1.27 level, then that fires off a descending triangle that could lead towards the 1.22 level which is a major area of support. Ultimately, the market continues to have a lot of conflicting headlines pushing markets around, and therefore I think we continue to see a lot of uncertainty, which almost always a negative sign in general.