GBP/USD Undergoing A Bearish Reversal; More Weakness In View

Gregor Horvat
Gregor Horvat
Forex Technical Analyst •

We can expect more weakness this week especially after a wave 2 bounce that may stop at the 50.0/61.8 Fibonacci resistance area.

In the 4h chart of GBP/USD, we see that prices declined to the 1.2750-1.2800 area at the end of May. This move could have been impulsive, so we are considering the idea that a top is in place.

We can expect more weakness this week especially after a wave 2 bounce that may stop at the 50.0/61.8 Fibonacci resistance area.

GBP/USD, 4H

Disclaimer:

Please be informed that information we provide is NOT a trading recommendation or investment advice. All our work is for educational purposes only.

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