GbpUsd could drop 200 pips
I've been bullish on GBP/USD and expected it to reach 1.26. Indeed, the target was not only reached but also surpassed with a high of 1.2720. However, after reaching the 1.27 zone, GBP/USD started to show signs of fatigue and failed twice at this level.
With the rise since mid-November contained in a rising wedge pattern and a potential double top forming (confirmation required with a drop under 1.26), the pair could decline to the next level of support around 1.24.
That being said, I'm bearish on GBP/USD, and I'm looking to sell rallies, with a negation in the event of a new local high.
With the rise since mid-November contained in a rising wedge pattern and a potential double top forming (confirmation required with a drop under 1.26), the pair could decline to the next level of support around 1.24.
That being said, I'm bearish on GBP/USD, and I'm looking to sell rallies, with a negation in the event of a new local high.
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