GBPUSD may consolidate further before a bigger drop
I mentioned in my previous idea that GBPUSD may resume it's minor uptrend and as expected, it tried to rally beyond 1.30 yesterday. However, it has faced some resistance beyond 1.30 and currently consolidating.
I expect this consolidation to continue for a little longer before the sellers step in and pull GBPUSD below the 100D EMA thereby solidifying the case for a longer downtrend in the weeks to come.
On the other hand, if price manages to break the 1.31 area strongly, then the sellers need more confirmation before stepping in
I expect this consolidation to continue for a little longer before the sellers step in and pull GBPUSD below the 100D EMA thereby solidifying the case for a longer downtrend in the weeks to come.
On the other hand, if price manages to break the 1.31 area strongly, then the sellers need more confirmation before stepping in
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