Britishpound
GBPUSD aiming at a new Low within the Bearish Megaphone.GBPUSD failed to break above the 1D MA50 (blue trend-line) and the 0.5 Fibonacci retracement level last week and as a result the market lost confidence and resumed the long-term bearish trend. That has been within a Bearish Megaphone pattern since July 2021.
The selling fractal since February 17 resembles the sequence of late October - early December 2021. The pair also failed to break above the 1D MA50 and the 0.5 Fib after a short-term rebound, and eventually made a new Megaphone Lower Low on the 1.382 Fibonacci extension. That extension is currently at 1.2750. Only a break above the 1D MA50 can be treated as a short-term buy aimed at the 1D MA200 (orange trend-line).
*Note: The RSI has been under Lower Highs since January 13.
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GBP/USD bearish OUTLOOK medium termZEYAN here!!!!
I'm looking at the market as a bear, and as far as I can tell, in the medium term, it's more bearish then bullish
This is a general idea of how I view the market; I use algorithms to determine trend and different entry techniques; please do not take this information at face value; conduct your own research.
If you want me to analyze your charts, please let me know in the comments.
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This is not financial advice; please conduct your own research and use this information as confirmation in addition to your own analysis.