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GBP/USD No Retracement If the Price Closes Below 1.1620

Nenad Kerkez

Dear Traders,

The GBP/USD is still bearish. The price is below W H3 pivot 1.1877 which accounts for a strong bearish intra week trend.

If the GBP/USD makes a close below the MID ATR pivot 1.1620 we should see a continuation of the bearish move towards next pivot points. Next targets are 1.1520 and 1.1480. 1.1319 is the final target. If the price drops to 1.1319 we might expect a bounce. The trend is still bearish and we se lling on rallies is the way to go. Trend is your friend!

The Analysis has been done with the CAMMACD.Core and Sit Systems

 

This article was originally posted on FX Empire

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