12.11.201913:11 Forex-elemzések és áttekintések: November 12, 2019 : Successive descending tops are demonstrated. Hence, GBPUSD is expected to demonstrate further Bearish decline towards 1.2670.

Few weeks ago, Further Bullish advancement was demonstrated towards 1.2800 then 1.3000 when the neckline of the depicted Double-Bottom pattern (1.2400-1.2415) was breached to the upside.

Since October 21, the GBP/USD pair has failed to achieve a persistent bullish breakout above the depicted SUPPLY-zone (1.2980-1.3000) which corresponds to a previous Prominent-TOP that goes back to May 2019.

Moreover, the depicted ascending wedge reversal pattern has been confirmed indicating a high probability of bearish reversal around the price-zone of 1.2950-1.2970.

Hence, a quick bearish movement was anticipated towards 1.2780 (Key-Level) where some bullish recovery was recently initiated on October 24.

The recent Bullish rejection around the price levels of 1.2780, indicated another temporary bullish movement towards 1.2980-1.3000 where another long-term bearish swing was initiated as expected.

Since last week, signs of bullish recovery have been demonstrated around 1.2780. However, The short-term outlook remains bearish as long as consolidations are maintained below 1.2900.

On the other hand, a quick bearish breakout below 1.2780 is needed to enable further bearish decline towards 1.2600-1.2650 where some bullish recovery should be anticipated.

Trade Recommendations:

Intraday traders should wait for bearish breakout below 1.2780 as a valid SELL entry. Expected Bearish target is projected towards 1.2650 then probably 1.2560.