GBPUSD - Bearish Outlook for the week

FX:GBPUSD   British Pound / U.S. Dollar
408 2 1
The 200EMA has not been kind to this pair, serving as stiff resistance on each test since 2011. Although the recent bull run has been strong, I am bearish for this week, looking for a retrace.

There also seemed to be a double bottom the formed with last week's breakthrough of the neckline at 1.57, so that'll be interesting to watch. Because of the double bottom , this trade is a bit more riskier. I am expecting it to retrace to the neckline at 1.57, then let's see what the pair does.
A bit risky sell opportunity at around 1.596.. since the previous support should act as resistance now. I do not think it will break the 1.60... area.
Very good catch here Machos. I agree with the bearish move and you have drawn a nice support line.The effect of the double bottom seems to have exhausted!
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out