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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.

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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