GBPUSD: Channel Up broken downwards. Bearish mode right now.
GBPUSD crossed under its four month Channel Up pattern, as well as closing under the 1D MA50, thus turning the 1D timeframe bearish (RSI = 43.717, MACD = -0.001, ADX = 34.501). Currently this is a sell signal, targeting the 1D MA100 (TP = 1.2625). Every Support (S) broken, will be a sell signal for the next one. We are buying only if the price crosses over the 0.618 Fibonacci level or the 1D MACD completes a Bullish Cross. In both events, our target will be the 1.382 Fibonacci extension (TP = 1.3335).
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