GBPUSD – Bearish Strength Continues

13 Apr - GBPUSD Weekly Forex Chart

(Click on image for larger view)

Hi All,

The above is the GBPUSD on a weekly chart. As you can see, price have been falling since July 2014 (see article) and it is still going strong. With the free fall, price was one directional.

Price Action became interesting again at the start of 2015 as it was approaching a strong support level – around 1.50 (confirmed by the double bottom in July 2013). I was keen to see how price would react to it and I’ve been waiting patiently. Unfortunately, it was a side way market. Nothing changed until last week.

As you can see from the chart, price gave me an engulfing bar with a close that was near the low. This is a good bearish signal and I am preparing myself for the next short set up. Will I get it? Let’s find out.

 

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