09.08.201915:57 Forex Analysis & Reviews: GBP/USD 08.09.2019 -Down brerakout od the 10-day bracket, more downside yet to come

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GBPUSD has been trading at the price of 1.2073. GBPUSD has broken below 1.2082 and on that way confirmed the down breakout of the 10-day balance. Selling opportunities are preferable on the rallies.

Green rectangle – Major resistance (1.2080)

Purple horizontal lines: Fibonacci supports and targets (1.2042 and 1.1950)

GBPUSD has broken the balance from August first after today's GDP announcement and there is good potential for more downside. GBPUSD gave us a sell signal after breaking below 1.2080 and for targets we can set at 1.2042 and 1.1950. MACD oscillator is showing the new momentum on the down break, which is confirming our downward bias. There are no signs of any reversal after the breakout and you should watch for selling opportunities on the rallies.

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