GBP/USD -17/4/2023-
• Picture doesn't look so bright for the Sterling
• Odds are turning in favor of the bears for the following reasons:
1: The Ascending parallel channel has been broken for the first time today
2: Recent rally failed to print a new high above the previous one at 1.2540 and a potential double top is being formed
3: Bears are approaching the double top neckline at 1.2340 (April 10 low) and a break of that level exposes lower prices
4: US strength doesn't seem to be fading soon, adding pressure on the pair
• Long term, picture is still neutral to bullish as long as we are trading above the ascending trend line drawn from the October all time low
• Odds are turning in favor of the bears for the following reasons:
1: The Ascending parallel channel has been broken for the first time today
2: Recent rally failed to print a new high above the previous one at 1.2540 and a potential double top is being formed
3: Bears are approaching the double top neckline at 1.2340 (April 10 low) and a break of that level exposes lower prices
4: US strength doesn't seem to be fading soon, adding pressure on the pair
• Long term, picture is still neutral to bullish as long as we are trading above the ascending trend line drawn from the October all time low
Ramzi Abou Abdallah, CFTe, CMT
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