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InvestingScope

GBPUSD: Sell opportunity after a Double 1D MA200 rejection.

Short
British Pound / U.S. Dollar (FX_IDC:GBPUSD)  
InvestingScope  
FX_IDC:GBPUSD   British Pound / U.S. Dollar
Trend Analysis Chart Patterns Technical Indicators GBPUSD GBP USD britishpound DJ FXCM Index dollar Forex Currencies currency
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trendanalysis chartpattern indicator gbpusd gbp usd britishpound usdollar dollar forex currencies currency
GBPUSD is trading within a +2 year Bearish Megaphone and since April 15th has had a double rejection on the 1D MA200 (RSI = 47.993, MACD = 0.001, ADX = 26.766). Even though the 1D technical action is neutral, this is not an encouraging development and since the 1D RSI can't get past the 5 month Resistance Zone, we are taking this as a bearish signal. Our medium term TP is the 1.2000 Symmetrical Support.

Previous Signal:

GBPUSD: Sell opportunity within a Channel Down.



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