GBPUSD Weekly:
• After price broke 1.2700 monthly it made its way down to 1.2450 weekly to make a low.
• Price then rallied back up to retest 1.2700 and rejected off it & the moving average and closed below the level.
• I do expect the next target to be 1.2450 weekly.
• Moving averages are bearish.
GBPUSD Daily:
• After Friday candle gapped up price made its way up but rejected and close below 1.2700, however it didn’t fully close below descending trendline.
• I still do believe price will fall because this area has been rejected off the past 5 days however, we still need watch this pair closely. I am still neutral on this.
• Pair is in a strong downtrend with a series of low lows & low highs.
• Moving averages are also bearish.
GBPUSD 4hr:
• Price is in a small bull trend right now and broke through descending trendline.
• However, with this pair and how it closed on Monday below monthly 1.2700 I do expect price to rally up to 1.2741 + 0.79 Fibonacci level if there is any rejection (sell signal) at this level price will most likely rollover down to 1.2622 4hr support.
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