GBPUSD: Detailed Technical Outlook 🇬🇧🇺🇸

٣ أغسطس ٢٠٢٢

I received a lot of questions from you this morning about GBPUSD.

Even though the pair is very bullish from the middle of July.
I want to remind you that we are trading in a global bearish trend
and I would consider a current bullish move to be a correctional wave.

Analyzing a price action, I spotted a nice little bearish flag pattern.
I assume that the market will keep growing within than till it reaches some significant supply zone.

The closest such an area that I see is 1.233 - 1.2483 zone.
I will expect a bearish reaction to that zone and the trigger that I will look for to short the pair will be a bearish breakout of a flag's support.
Then a bearish continuation will be expected at least to 1.206

Alternatively, bullish violation of the underlined yellow structure may push the market to higher structure levels.

❤️If you have any questions, please, ask me in the comment section.
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