The GBPUSD looks set to attempt forming a new bearish correction at least to the descending trend line (TP Area 1). Notice that the latter had previously served as a major resistance but is currently taking the role of a descending support. In other words, it could initiate another bullish rebound once the price falls to it.
At the same time, the recent bullish pullback has been unable to break out above 1.39000 decidedly, which implies that the underlying bullish pressure is running on fumes. This assertion is supported by the fact that the Stochastic RSI indicator is currently demonstrating rising selling pressure. Hence, the anticipated bearish reversal is likely to emerge soon.
At the same time, the recent bullish pullback has been unable to break out above 1.39000 decidedly, which implies that the underlying bullish pressure is running on fumes. This assertion is supported by the fact that the Stochastic RSI indicator is currently demonstrating rising selling pressure. Hence, the anticipated bearish reversal is likely to emerge soon.
