GBP/USD Technical Bearish Trend Continuation

Technical analysis of Forex market

GBP/USD is in downtrend.

  • The pattern is a bearish continuation sign.
  • Q L3 should be the target.
  • Bearish Zig-zag.

D1 chart GBP/USD

1. Descending Trendline.

2. Bearish Order block.

3. Pinbar Bearish.

4. Q L3 and M L3 Pivot targets.

The price is currently bearish and supported around 1,3600. We can see lots of selling pressure from the M H3 resistance. Candlesticks are bearish and imply a possible breakout and continuation move down. The trend line acts as a resistance and it’s keeping bulls from advancing. If the break of the trendline happens the market will go higher. The move higher would disrupt the overall scenario of bearish GBP/USD. We should see a move down towards 1.3550 followed by 1.3500. The final target is 1.3340 but only as a part of a stronger swing and move down.