GBP/USD: Flows point to more weakness?
Hi traders. After a very profitable short trade in GBP/USD, it's time to reassess our view on this pair.
Technicals - Bearish: The pair broke below a massive head and shoulders pattern and completed a pullback to the neckline, where pound-bears pushed the price lower again.
The 1-hour chart shows a falling trendline resistance right at the 1.22 round-number, combined with a horizontal resistance level and a hidden bearish RSI divergence.
Support: 1.2160, 1.2080
Resistance: 1.2250, 1.2300
Flows - Bearish: Market positioning showed an increase in short pound bets, while the US dollar remained in demand as of Friday, May 22.
Economic Surprises Index - Neutral: Our Economic Surprise Index gave a neutral score for both the GBP and USD.
Risk Sentiment - Neutral/Bearish: The US dollar could see further strength if the US-China trade tensions continue to rise.
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Technicals - Bearish: The pair broke below a massive head and shoulders pattern and completed a pullback to the neckline, where pound-bears pushed the price lower again.
The 1-hour chart shows a falling trendline resistance right at the 1.22 round-number, combined with a horizontal resistance level and a hidden bearish RSI divergence.
Support: 1.2160, 1.2080
Resistance: 1.2250, 1.2300
Flows - Bearish: Market positioning showed an increase in short pound bets, while the US dollar remained in demand as of Friday, May 22.
Economic Surprises Index - Neutral: Our Economic Surprise Index gave a neutral score for both the GBP and USD.
Risk Sentiment - Neutral/Bearish: The US dollar could see further strength if the US-China trade tensions continue to rise.
Like our analysis? Please hit the "LIKE" button to support us. Thanks!
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