GBPUSD Bearish Signals

As you see in the 4H time frame, the ascending trend line was broken to the downside and price has been fixed below it. We can see there is more bearish pressure.

Moreover, price is making a descending parallel channel and currently, it is moving upward towards the channel’s upper band and if it gets rejected from it, the channel will be valid.

Wait for price to retrace and move upside and if it got rejected from the channel’s upper band which is also below the area of the trend line, we can expect a drop on GBPUSD towards the green levels (1.20235 and 1.18930)

On the other hand, if price breaks the channel and closes a 4H candle above the channel, the bearish scenario is canceled and we can expect a rise on GBPUSD as the same size of the broken channel.