Bearish Outlook on GBPUSD - 8 September
On the 4H FX chart, we're witnessing a bearish momentum, characterized by the pair navigating within a descending channel, consistently printing lower peaks and troughs. The presence of a pronounced doji candlestick indicates potential bullish defense at this critical juncture. Consequently, to mitigate risk, we'd position our initial TP just shy of the doji's nadir. Our entry would be strategized around the 23.6% Fibonacci retracement mark, with the SL anchored at a resistance zone that the pair hasn't managed to breach. If the pair navigates past our primary TP, we'll keep a vigilant eye for a potential slide towards our secondary TP, aligning with the -27.2% Fibonacci extension and in proximity to the second doji observed on 7th June. Net volume is negative, supporting our bearish bias.
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