GBP/USD Bears Eye $1.267 as Downtrend Gains Momentum
Updated
FxNews—GBP/USD entered a bearish trend after failing to hold above the 100-period simple moving average, dropping sharply from $1.304. Currently, bears are testing the October 31 low of $1.284 as support.
Technical indicators confirm bearish momentum, with the Awesome Oscillator showing red bars and the Stochastic and RSI at 36 and 35, suggesting more downside potential as the pair isn’t oversold.
The immediate resistance is $1.284. If bears close GBP/USD below this level, the next target could be $1.267. However, a move above the October 30 high of $1.3045 would invalidate the bearish outlook.
Support: 1.284 / 1.267
Resistance: 1.2907 / 1.3045
Technical indicators confirm bearish momentum, with the Awesome Oscillator showing red bars and the Stochastic and RSI at 36 and 35, suggesting more downside potential as the pair isn’t oversold.
The immediate resistance is $1.284. If bears close GBP/USD below this level, the next target could be $1.267. However, a move above the October 30 high of $1.3045 would invalidate the bearish outlook.
Support: 1.284 / 1.267
Resistance: 1.2907 / 1.3045
Trade active
GBPUSD formed a double bottom pattern, while the primary trend is bearish, with $1.304 as the main resistance. The downtrend will likely resume if $1.304 holds, providing a decent opportunity to join the bear market.Note
The double bottom pattern resulted in the price rising. As of this writing, GBP/USD is testing the descending trendline. The uptrend will likely extend to $1.0304, providing a decent bid to join the bear market.Note
GBP/USD Filled the fair value gap as expected. Consequently, the downtrend resumed. Note
GBP/USD dropped from 78.6% Fibonacci. Indicators show a bearish trend, targeting 1.284 first. A break below may push it to 1.267.Trade closed: target reached
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