Bearish GBPUSD Signals: Supply Zone Sparks Sell-Off
Updated
Hello Traders,
From Technical analysis perspective, the GBPUSD pair is displaying signs of a potential bearish move after experiencing consolidation on Monday, July 31st. The Composite Operator (CO) executed a stop hunt to the upside just before the New York session yesterday, in the form of an an upthrust, but it failed to break the Secondary test, indicating a lack of bullish momentum. Subsequently, the price showed a sign of weakness.
During the New York session, buyers pushed the price back to the supply zone and was quickly rejected, forming the last point of supply responsible for the sharp drop into the Asian session.
At present, I expect the pair to break and retest the (dotted) trendline, declining further towards the price targets at 1.27773 and 1.27623.
Cheers and happy Trading.
From Technical analysis perspective, the GBPUSD pair is displaying signs of a potential bearish move after experiencing consolidation on Monday, July 31st. The Composite Operator (CO) executed a stop hunt to the upside just before the New York session yesterday, in the form of an an upthrust, but it failed to break the Secondary test, indicating a lack of bullish momentum. Subsequently, the price showed a sign of weakness.
During the New York session, buyers pushed the price back to the supply zone and was quickly rejected, forming the last point of supply responsible for the sharp drop into the Asian session.
At present, I expect the pair to break and retest the (dotted) trendline, declining further towards the price targets at 1.27773 and 1.27623.
Cheers and happy Trading.
Note
First target hitTrade closed: target reached
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