GBPUSD has responded well to the resistance it has developed on its upper trend line (4h) and has broken the support underneath it, which is also the first fib retracement level.
The move is made more significant by the fact that it also broke its 100MA after trying to test it and started a sharp run downward after that. It was bouncing between its 100MA as a support and its 50MA as a resistance.IIf it is able to consolidate at or under the 1.4350 level, look for a nice breakout on the short side
Look for your first TP to be at a full retracement of this move as it continues the trend downward.
The move is made more significant by the fact that it also broke its 100MA after trying to test it and started a sharp run downward after that. It was bouncing between its 100MA as a support and its 50MA as a resistance.IIf it is able to consolidate at or under the 1.4350 level, look for a nice breakout on the short side
Look for your first TP to be at a full retracement of this move as it continues the trend downward.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.