GBPUSD BEARISH
For short term, Uptrend is likely to break because:
For long term:
* MA of 50 period in monthly timeframe slopes downward showing that the trend is downtrend.
* Resisted from lev 0.5 (1.23051) in weekly fib retracement, and might fall to lev 0.38 (around ≈ 1.19407)
* Daily timeframe uptrend reversal
* Daily timeframe Fibonacci retracement from level 0 (1.24440) and might further fall to level 0.38 (1.6462)
* Daily timeframe RSI fail to make new HH, RSI is overbought, it might face to the lower bond (≈30) coming from the upper bond(70)
- [ volume is low / making LL indicating the absence of big players (institutions) therefore the trend might not get strength to proceed.]
[RSI is making LL, opposite to the price uptrend thus price is more likely to reverse.]
[The price might find a resistance at its 50 MA (EMA), which it is so close to.]
[The price is under both 50 MA & 200 MA indicating that it’s in downtrend.]
[The last 15 candles seems to made contracting consolidation indicating that high chance for reversal of the little uptrend.]
For long term:
* MA of 50 period in monthly timeframe slopes downward showing that the trend is downtrend.
* Resisted from lev 0.5 (1.23051) in weekly fib retracement, and might fall to lev 0.38 (around ≈ 1.19407)
* Daily timeframe uptrend reversal
* Daily timeframe Fibonacci retracement from level 0 (1.24440) and might further fall to level 0.38 (1.6462)
* Daily timeframe RSI fail to make new HH, RSI is overbought, it might face to the lower bond (≈30) coming from the upper bond(70)
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