GBPUSD Weekly Sell - parallel level with multiple rejections

Short

British Pound / U.S. Dollar (FX:GBPUSD)

FX:GBPUSD British Pound / U.S. Dollar

trendanalysis chartpattern waveanalysis gbpusd

GBPUSD has recently broken its uptrendline and moved into a parallel level. After some swings, it formed a nice pinbar and is about to finish its retracement. Observing the price action, we can see that the buying momentum is decreasing, and the market has created a lower high wave. Based on this, we anticipate a downtrend to appear soon.

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