GBP in downtrend channel should push past 1.3000
GBPUSD closed @ 1.29979, right on the psychological 1.3000 level.
Overall GBP is in an extended downtrend since Oct 2007. Having retraced up since Jan 2017 to 1.4350, it has resumed the down leg. Currently GBP is on a shallow extension of the overall downtrend within a clearly definable channel.
For the down channel to continue, price needs to push through 1.3000, test and push past 1.2960 and target 1.2850.
Downtrend will likely fail when DXY reaches about 95.50.
MA Cross is crossing down on 1H, and crossed below on 4H, 1D and 1W.
RSI vs RSI-MA14 is crossing down on 1H, and crossed below on 4H, 1D and 1W.
All indicate a bearish continuation.
If 1.3000 holds and reverses for a retrace upwards, next resistance is at 1.3050 then 1.3080 where resistance meets the recent downtrend.
Overall GBP is in an extended downtrend since Oct 2007. Having retraced up since Jan 2017 to 1.4350, it has resumed the down leg. Currently GBP is on a shallow extension of the overall downtrend within a clearly definable channel.
For the down channel to continue, price needs to push through 1.3000, test and push past 1.2960 and target 1.2850.
Downtrend will likely fail when DXY reaches about 95.50.
MA Cross is crossing down on 1H, and crossed below on 4H, 1D and 1W.
RSI vs RSI-MA14 is crossing down on 1H, and crossed below on 4H, 1D and 1W.
All indicate a bearish continuation.
If 1.3000 holds and reverses for a retrace upwards, next resistance is at 1.3050 then 1.3080 where resistance meets the recent downtrend.
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