A Busy GBP/USD Chart with multiple short-term downtrends
The following chart has multiple color-coded trends that are parallel in nature, showing how the GBP/USD has moved through these approximate pathways since mid-2018 until now.
Given the most recent price action, a test of the upper yellow bearish line could provide resistance for a dive back down to the dotted teal line near new lows.
Either way, the short to medium term seems bearish to me, unless the level near 1.27 can be reached, and new support established, I see further downside to come through the end of the year.
Given the most recent price action, a test of the upper yellow bearish line could provide resistance for a dive back down to the dotted teal line near new lows.
Either way, the short to medium term seems bearish to me, unless the level near 1.27 can be reached, and new support established, I see further downside to come through the end of the year.