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The pair has been consolidating since a pullback from 3/8 MM Level happened. Previously, GBP/USD hasn't fixed above 8/8 MM Level which led to the current decline. Also, the Super Trend Liens have formed a 'Bearish Cross' which confirmed the outlook. Currently, the 4/8 MM Level is acting as strong resistance. The pair has fixed below the four-hour Super Trend Line, that's why the bearish outlook is the main one. Thus, we're likely to have another decline in the direction of the 2/8 MM Level in the coming hours, possibly even today.
If the price breaks the 4/8 MM Level, there'll be an open door for a test of the Daily Super Trend Line which could act as resistance. If this happens, we should wait for the price to return under the 4/8 MM Level to confirm this scenario. Meanwhile, if the market breaks the Daily ST-Line, the bearish outlook will be at risk. In other words, if the Daily ST-line turns out to be broken, there'll be an option to have a longer upward correction.
The bottom line is that GBP/USD remains bearish and there's no sign in favour of a possible reverse. Thus, we should watch the 2/8 MM Level as a potential intraday target. If the price goes through this level, we should watch lower levels as the next target.
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