machos
Short

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.
AncientM
3 years ago
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!
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AncientM
3 years ago
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.
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