Update GBPUSD: Continue to plunge into the abyss
Updated
Hello dear friends. Today, GBPUSD continues its downward trend with prices trading around the 1.220 level and there are no signs of a halt yet.
From the technical analysis chart:
It can be seen that after forming the ABCD pattern, with wave D ending at a high of 1.315, GU started a prolonged SELL movement for several months, despite some upward movements, it was not enough to reverse the direction of this currency pair.
With this decline, GU is currently aiming for lower levels, with the nearest target at 1.203 and then 1.180. The resistance level is at 1.231.
From the technical analysis chart:
It can be seen that after forming the ABCD pattern, with wave D ending at a high of 1.315, GU started a prolonged SELL movement for several months, despite some upward movements, it was not enough to reverse the direction of this currency pair.
With this decline, GU is currently aiming for lower levels, with the nearest target at 1.203 and then 1.180. The resistance level is at 1.231.
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Comment
GBP/USD reversed its direction after rising above 1.2200 on Monday and retreated to the 1.2150 area early Tuesday. The pair's near-term technical outlook points a bearish tilt and additional losses could be witnessed if the 1.2130 support fails.Comment
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