GBPUSD – A Short Confirmation Required

27 Mar - GBPUSD Daily Forex Chart

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Hi All,

A quick update on the GBPUSD. I have been talking about the range (box) for awhile now and, on the weekend (see article), I mentioned that price did break out of the range. I was looking for a potential retest of the bottom of the box – essentially that’s a retest of the neckline and a soft horizontal level as well. As shown above, price has been following the road map.

Confluence of factors, Loving it!!

Either way, a short below 1.646 is definitely required for a bearish confirmation. Remember that we are still in a Resistance Zone (see article) and, in the bigger picture, still in a bullish market. Hence, a break below 1.625 is required for a longer term confirmation of a bearish market.

Thank you for reading and happy trading!!

 

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