GBPUSD - To Break Lower

GBPUSD H1:

Lots of confluence on GBPUSD here points to a break lower.

Here we have a rejection of the 4 hour descending TL (on the 4 hour chart this also lines up with a rejection of the 100 EMA) The bullish push on the last hour candle I believe is one last run up before price continues its decline. 1.38 is holding as an area of support but if this breaks I believe we will see sub-1.38 prices today.

With 1.39 holding as such strong psychological resistance i am definitely in favour of further bearish movement.

The short position tool added to my chart highlights an excellent R:R of 1:4 with the target being at the 1.37500 mid-psychological level.

let's see how this plays out! Hopefully some USD strength on New York open can provide further momentum to reaching target.
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