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Swiing
Feb 25, 2023 11:06 AM

GBP Set for Record Breaking Lows Short

British Pound/U.S. DollarFXCM

Description

The Pound closed weak on Friday as the bearish sentiment continues to drive the market with what appears to be a Double Top on the Daily Timeframe
1.19000 marks what could be the neckline where buyers may attempt to regain control
A break of 1.19000 confirms Double Top and should trigger more shorts
In September 2022 the Pound dropped to 1.0350 forming a 37-year all time low
A break of this low would once again set new records
First Targets will be at the September 2022 lows
A break below could see the Pound trading as low as 0.98000 or lower over the next few months
Comments
JoeChampion
Good work, i agree on USD strength. Thank you!
Swiing
@JoeChampion, Indeed! Hopefully we see more of USD strength to come. Cheers!
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