GBP Index will reveal that there had been a valid breakdown (it is also detectable on GBPUSD chart but not as clear as we can not see there that 21.04 9:00 was a breakdown candle). GBPUSD trends below 50 SMA on daily. Downtrend is also detectable on GBPUSD weekly. On 4 hrs GBPUSD faced DeMark pivot weekly resistance and major downtrend-line. Price might test the trendline and even make a false break.
Also GBP Index is likely to test 50 SMA.
Having established that breakdown is valid we will see a drop to DM projected target.
For educational purposes only.
Top correlation
1 GBPUSD - GBPJPY 95.7%
2 GBPUSD - GBPSGD 90.2%
3 GBPUSD - SCI25 89.4%
4 GBPUSD - SEKJPY 88.0%
5 GBPUSD - USDSEK -86.8%
6 GBPUSD - USDCNH -86.4%
7 GBPUSD - SPA35 84.8%
8 GBPUSD - USDNOK -84.7%
9 GBPUSD - EURGBP -84.7%
10 GBPUSD - JPYX -84.6%
Also GBP Index is likely to test 50 SMA.
Having established that breakdown is valid we will see a drop to DM projected target.
For educational purposes only.
Top correlation
1 GBPUSD - GBPJPY 95.7%
2 GBPUSD - GBPSGD 90.2%
3 GBPUSD - SCI25 89.4%
4 GBPUSD - SEKJPY 88.0%
5 GBPUSD - USDSEK -86.8%
6 GBPUSD - USDCNH -86.4%
7 GBPUSD - SPA35 84.8%
8 GBPUSD - USDNOK -84.7%
9 GBPUSD - EURGBP -84.7%
10 GBPUSD - JPYX -84.6%