GBPUSD Below the 1D MA50, expecting more selling.

The GBPUSD pair hit our upside target (1.2650) and May 27 2022 High on our last buy signal (see chart below) almost 2 months ago:


The price is now on the 1D MA50 (blue trend-line), having closed a candle below it yesterday for the first time since March 16. This is a bearish continuation signal that is targeting the 1D MA200 (orange trend-line) yet again. Our target is at 1.2100. The 1D RSI can provide additional insight on a potential new buy entry at the bottom.

If however the price closes above the 1D MA50 instead on two straight 1D candles at least, then hedge the position with a buy targeting the June 01 2021 Lower Highs again. If the pair closes a 1D candle above that level, it will be the first time to do so in years, and will be a major buy signal. In that case we will buy and target the 1W MA200 (red trend-line) at 1.2850.


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