GBPUSD Death Cross keeping it bearish unless the 4H MA200 breaks
The GBPUSD pair is extending the bearish trend within the 3-month Channel Down pattern. The 1D RSI remains bearish but normalized the previous oversold levels so now technically it can resume chasing much lower prices. As long as the price trades below the 4H MA200 (red trend-line), which sits now exactly at the top (Lower Highs trend-line) of the Channel Down and has been holding as Resistance since August 01, we remain bearish, targeting 1.1805 (Support 2).
If on the other hand it breaks above the 4H MA200, we see potentially a Channel Up emerging and we will buy instead, targeting 1.2435 (1D MA200 orange trend-line).
It is worth pointing out that on Tuesday the pair completed the first Death Cross on the 1D time-frame in more than 2 years (since September 01 2021). Certainly a pattern that favors selling.
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If on the other hand it breaks above the 4H MA200, we see potentially a Channel Up emerging and we will buy instead, targeting 1.2435 (1D MA200 orange trend-line).
It is worth pointing out that on Tuesday the pair completed the first Death Cross on the 1D time-frame in more than 2 years (since September 01 2021). Certainly a pattern that favors selling.
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** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. **
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