Forex forecast / GBP/USD / Our expectations
Short-term declining trend, lower tops and lower bottoms. The price corrected to levels of diagonal and horizontal resistance and FiBo 38.2. price action signal: Pin bar at levels of diagonal and horizontal resistance. Technical indicator: CCI(50) - above level 0 - the negative sentiment is still on-power. The price is below SMA 200 and 50. Crossing of SMA 200 by SMA 50 in downward direction is considered for a strong bearish signal.
Alternative scenario: If the price breaks above the resistance zone and make higher bottom, the negative scenario will be dismissed.
SL: 1.3250
Trader Bozhidar Arabadzhiev
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