GBP/USD isn't looking good as of now. The chart patterns, price action and fundamental news with regards to brexit and economic data leaves GBP/USD in a highly bearish situation.
VERDICT: Net bearish control until factors change. Short positions to be placed thoughtfully and to be held for the mid-term. Final mid-term target {1.2160}
- Head & Shoulders formation indicating a very large target {1.2160}
- Strong trend line break indicating further weakness
- Weekly Stochastic to reverse indicating mid-term bearishness
- Yet another level taken out {1.2480}
- Expecting {1.2350} to provide brief support before breaking
VERDICT: Net bearish control until factors change. Short positions to be placed thoughtfully and to be held for the mid-term. Final mid-term target {1.2160}
