GBPUSD - 4hr Weekly Outlook
Updated
GBPUSD has recently broken both a trendline and the last two lows that were made, all in a huge push to the downside. The market is highly overextended to the downside so we are expecting a retracement to at least the 38.2% or 50% zone. All intraday setups on this pair will be bearish and the max TP will be at the 27% fib extension where a huge demand zone is waiting. This setup correlates with the DXY (Dollar currency index) perfectly as it is also expected to pullback.
Note
GBPUSD has broken our retracement expectations, being able to hit the 78% level. A short setup is still posible.
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