GBP/USD Technical Downtrend In Progress

By Nenad Kerkez of Elite CurrenSea

Analyst, Full-Time Trader • Feb 28, 2022 at 9:17 AM EST

person holding fan of 100 us dollar bill

Photo by Igal Ness on Unsplash

GBP/USD Technical Analysis

GBP/USD Going down below the MAs
Crisis induced trend
Risk off
1.3228 could be next

Daily Chart GBP/USD

(Click on image to enlarge)

Swing low
Swing high
M pattern breakout point
Entry zone
Target

The GBP/USD is in downtrend. After a retracement and gap down we can see that the price is retracing towards the point 3 – the breakout point. We should see the price retracing towards the point 3 and then move down again. The entry zone 1.3390 should move it. The first target is 1.3345 then 1.3228. Selling the rallies is the tactic now.

Disclaimer:

The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilizing methods believed to be reliable, but we cannot accept responsibility for any trading losses you may incur as a result of this analysis.

Individuals should consult with their personal financial advisors before engaging in any trading activities.