GPBUSD Bearish Megaphone starting new wave.

GBPUSD is trading inside a Bearish Megaphone for the past 30 trading days.

The price may now be supported by the 1hour MA50 but has formed the bearish formation it had on all prior tops under the Falling Resistance.

The 1hour RSI has formed a similar topping pattern.

As a result, this is a standard sell signal for the Bearish Megaphone.

All declines reached the 1.5 Fibonacci extension, so we can target at least the previous Low at 1.2850.


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