Bearish on GBPUSD and Here's Why...This week's top down analysis of GBPUSD:
Monthly:
price is at resistance in a bearish rising wedge pattern, when it drops the next significant higher time frame support level is around 1.3350
Weekly:
price is at resistance and forming double top pattern, when it drops the next significant higher time frame support level is around 1.3350
Daily:
price is ranging in the area of the 23.6% Fibonacci level, the next significant level of support around 1.3350 also happens to be between the 50% and 61.8% retracement level
4 Hour:
A head and shoulder pattern has been completed and the neckline is being retested showing a spinning top swing point a monthly level of resistance. Additionally price is within a bearish rising wedge pattern inside of the higher time frame's bearish rising wedge and the bearish Fibonacci measurement shows that price is currently at the 61.8% retracement level.
Short term targets: 1.4000, 1.3965, 1.3930
Long term target: 1.3350
