GBPUSD continues to be a sell unless the 1D MA50 breaks.It's been 1.5 months since our last GBPUSD analysis where a perfect sell signal was given:
The pattern continues to be a Bearish Megaphone since late February and continues to trade below the 1D MA50 (blue trend-line) since February 24. This is the critical level for the GBPUSD pair. As long as the price trades below it, which now is exactly on the Lower Highs (top) trend-line of the Bearish Megaphone, the pair is more likely to chase a Lower Low on the next Fibonacci extension available, which is the 3.0 Fib around 1.1500.
A break above the 1D MA50 is a buy signal to 1.2600 (1.5 Fib) on the short and the 1D MA200 (orange trend-line) on the medium-term.
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