This week's top down analysis of GBPUSD:
Monthly:
price is at resistance in a bearish rising wedge pattern, when it drops the next significant higher time frame support level is around 1.3350
Weekly:
price is at resistance and forming double top pattern, when it drops the next significant higher time frame support level is around 1.3350
Daily:
price is ranging...
Currently, GBP/USD is trading at 1.3048. The pair is trading in a downtrend and broke the one month support level at 1.3065 to continue the same downtrend, as the price went below its previous support level, which is a clear indication of continuing the same downtrend. So, its first target price is at 1.2778 and the second target is at 1.2600.
Follow proper risk...
