- GBP/USD is below key trend line resistance and the neckline of the head and shoulder pattern.
- The bias remains firmly to the downside with an eye on 1.1900.
Based on the above analysis, GBP/USD remains falling below 1.2000, GBP/USD remains lower as it picks up bearish momentum and supports a bearish structure below the key psychological level of 1.2000. Short-term dynamic support was broken in earlier sessions as fears of a long UK recession continue to weigh on sentiment.
GBP/USD, previous analysis
It was claimed that the bears were moving above the trend line support and that they were breaking a roll. A measured move to 100% of the range targeted the previous structure at 1.1900 and then a measured move to 200% lines up with 1.1800.
GBP/USD H4 Charts Update
The price broke the trend line, corrected and is now forming a bearish continuation structure:
GBP/USD H1 Chart
Meanwhile, a micro correction on the hourly chart is underway. However, as long as it is below trend line resistance and the neckline of the head and shoulder pattern, the bias remains firmly to the downside.
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
