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GBP/USD: Serious downward trend is Imminent

GBP/USD: Serious downward trend is Imminent

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Although GBP/USD is currently holding onto its upward trend in the medium term, a heavy downward trend is also possible as the pair faces bearish threats.

The upward trend is likely to continue if the pair breaks and holds above the 1.7176/88 level.

If this fails, support lies within the 1.7058/60 and a break will aim at 1.7000 followed by 1.6921/22 levels.

But a break of the former will turn attention to the 1.6850 level.

On the upside, resistance resides at the 1.7180 level where a break will aim at 1.7200 and possibly higher up to 1.7300.

In general, GBP continues to retain its medium term upside bias but faces corrective weakness threats.

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gbpusd technical analysis

Sequel to this, AutochartistTM has predicted (following their analysis) that within a period of 10 days, GBP/USD is likely going to test the 1.6738 level.

This analysis is meant for long/medium term traders. Goodluck in your trading career.

 

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