GBP/USD Technical Bearish Trend Continuation

GBP/USD Technical Analysis

• GBP/USD is in downtrend
• The pattern is a bearish continuation sign
• Q L3 should be the target
• Bearish Zig-zag

D1 CHART GBP/USD

1. Descending Trendline
2. Bearish Order block
3. Pinbar Bearish
4. Q L3 and M L3 Pivot targets

The price is currently bearish and supported around 1,3600. We can see lots of selling pressure from the M H3 resistance. Candlesticks are bearish and imply a possible breakout and continuation move down. The trend line acts as a resistance and it’s keeping bulls from advancing.

If the break of the trendline happens the market will go higher. The move higher would disrupt the overall scenario of bearish GBP/USD. We should see a move down towards 1.3550 followed by 1.3500. The final target is 1.3340 but only as a part of a stronger swing and move down.

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Cheers and safe trading,

Nenad