GBP/USD Technical Downtrend in Progress

GBP/USD Technical Analysis

• GBP/USD Going down below the MAs
• Crisis induced trend
• Risk off
• 1.3228 could be next

Daily Chart GBP/USD

1. Swing low
2. Swing high
3. M pattern breakout point
4. Entry zone
5. Target

The GBP/USD is in downtrend. After a retracement and gap down we can see that the price is retracing towards the point 3 – the breakout point. We should see the price retracing towards the point 3 and then move down again. The entry zone 1.3390 should move it. The first target is 1.3345 then 1.3228. Selling the rallies is the tactic now.

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Cheers and safe trading,

Nenad