GBPUSD Swing trade analysis - 19 May 2020
Here's my analysis of GBPUSD.
1) GBPUSD is predominantly in a down trend.
2) It's curently at a strong support turned resistance zone.
3) It's retraced to 50% FIB of the previous impulse to the downside.
4) There are 2 possible scenarios from here.
a) For it to go bullish it must close above this zone and then retest it before moving upwards
b) For it to continue with the bearish trend, it must close below this zone.
1) GBPUSD is predominantly in a down trend.
2) It's curently at a strong support turned resistance zone.
3) It's retraced to 50% FIB of the previous impulse to the downside.
4) There are 2 possible scenarios from here.
a) For it to go bullish it must close above this zone and then retest it before moving upwards
b) For it to continue with the bearish trend, it must close below this zone.
Comment:
Bullish scenario failed and GBPUSD has broken to the south continuing with the bearish trend.
