GBPUSD Short Continuation Analysis

Here is my view on GBPUSD. I believe that we will see some upside to the 61.8% Fib & third touch of downwards TL and then continue downwards (potentially to 1.2).

I have marked up potential entries, stop loss and take profits. Let me know what you think below - cheers.

Thanks for the update, I’m going long this week

GBP/USD has been weak for the past 4 months and continues to remain bearish beneath the previous month’s close of 1.2409.

The price action so far this month is hinting at more selling pressure.

I see a fall back to 1.20 so let’s see if your PT2 gets hit. :grinning:

I think the 1.20 is being lined up too. Despite the state of the Covid-19 in the US the USD is still gaining some strength. Thta combined with bearish techincals are all pointing towards selling pressure.