After a significant rise, GBPUSD has approached to the resistance zone (red colour) and was rejected from it.
As you see in the 4H time frame, price failed to make a higher high and has been pushed to the downside and is facing bearish pressure.
Currently, price is moving in a symmetrical triangle pattern and is falling towards the yellow support at 1.1843 and if it breaks this level strongly, we can expect more drop on price towards the green levels at 1.1747 and 1.1650
Moreover, afterwards, if price hit the targets there is a probability of more downside move which I will update later.
What is your opinion about GBPUSD? Feel free to share your ideas in the comments.
It's amazing! I spent a lot of time today weighing the arguments for and against, but you were able to describe it much better. Thanks for the work, mate! I just hope you focus more on the volume of asset trades in your next posts.
AtlasTrades
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Good GBPUSD idea, agree with you, it's really possible scenario
Michael_Winner
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Strong and excellent GBPUSD chart analysis as always