GBPUSD: Market Becomes Bearish
British Pound/U.S. Dollar FX:GBPUSD
It looks like GBPUSD is going to continue the downtrend. The price bounced from SMAs and the main downtrend line. The price could break the uptrend line as well. It gives us a bearish signal.
MACD supports the further downside movement. DMI is bearish , and ADX line is moving upside. It is a signal that sellers become active.
If so, we have to search for exact sell signals using the hourly timeframes. The market has a space for the downside movement. The main profit target for sellers should be 1.20000 support.
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This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
Source: TW DLavrov