GBPUSD SELL

10 apr

GBPUSD

We've reached a key level with GBPUSD. The 4-hour time frame gave us an uptrend with multiple rejections at the 38.2 of the Fib. If price fails to break above this level, we could see a retest of the 23.6 before continuing the uptrend. The close of the next 4-hour candle could give more insight on the direction of this move.

Alternative Scenario:
If the bulls' momentum continues, we could also see a continuation of the uptrend from 23.6. If price action fails to trade below this level it could be looked at as a confirmation of support at this level.