GBPUSD - Updated Bearish Technical View.
On the higher timeframe's structurally, we can see GBPUSD is continuing to range around the key Fib levels. Following the relief rally after the market crash in March. On the Daily timeframes, we can see clear the retest of the previous Descending Channel at the 1.2650 point noting the rejection off the 800 EMA on the 4hr timeframe. As we look further on the Daily timeframes the surge higher o pastver the week looks now to be formed the Double Top on the Daily timeframes.
As we focus more on this pair, noting the 800EMA Rejection on 4hr as noted we can also a short term key level at 1.2475 resistance. Moving forward the past two days saw the clear break and retest of the near term support at the 1.24000 level with price moving lower - downside targets for the short term traders is the 1.2250 near term level. Where we get a breakout below this handle and moves lower, I would be targeting a retest of the lows in the first instance with potential extension into 1.10. ( See Fibonacci levels on Daily timeframes).
Good Luck & Use good risk management!
On the higher timeframe's structurally, we can see GBPUSD is continuing to range around the key Fib levels. Following the relief rally after the market crash in March. On the Daily timeframes, we can see clear the retest of the previous Descending Channel at the 1.2650 point noting the rejection off the 800 EMA on the 4hr timeframe. As we look further on the Daily timeframes the surge higher o pastver the week looks now to be formed the Double Top on the Daily timeframes.
As we focus more on this pair, noting the 800EMA Rejection on 4hr as noted we can also a short term key level at 1.2475 resistance. Moving forward the past two days saw the clear break and retest of the near term support at the 1.24000 level with price moving lower - downside targets for the short term traders is the 1.2250 near term level. Where we get a breakout below this handle and moves lower, I would be targeting a retest of the lows in the first instance with potential extension into 1.10. ( See Fibonacci levels on Daily timeframes).
Good Luck & Use good risk management!