GPBUSD We could see more continuation to the downside(130pips)The main idea of this analysis begin with an important low that have not been liquidated yet. The monthly low of April 3, 2023 is where the price is moving to in short term. Before the price make a reversal to start moving higher this important level needs to be liquidated.
Fundamentals
Odds are highest for an agreement late tonight or tomorrow, Goldman said, enabling a House vote on Tuesday or Wednesday. The GOP warned a “lot of hangups” remain.
A soonest all this process is complete we could expect a stronger dollar. The market has been very optimistic which had make the dollar strong this past few weeks. With the dollar getting stronger this move that we are expecting is more likely to happen.
Monthly
The price is currently making higher highs. In this time frame we have bullish structure. This bullish structure goes against our bearish analysis. This doesn't means anything because we are waiting a short term move. Also, the price has more room to make a deeper correction.
Weekly
The price is currently making is correction for a possible continuation to the upside. There is more room for the continuation keep continued lower.
Daily
Price is currently in a downtrend making lower lows. The price is currently making a correction for a possible continuation to the downside. The price before making any reversal will try to get the most liquidity it can. Before any changes in trend the price will get to the level we want it.
