Will Gbpusd heading south to …..new numbers ???
sideways volatile seen at this pair, but for the last month trading in a bearish sentiment.
now sitting at support and as data has not really been negative, there is a decent chance support will hold but for my opinion it will break it down
Initial bias remains on the downside this week for 61.8% retracement 1.4565 to 1.5929 at 1.4860 first. Decisive break there will pave the way back to 1.4480 low. On the upside, above 1.5320 minor resistances will turn bias neutral again.
In the bigger picture, medium term fall from 1.7190 should have completed 1.4565. The momentum of the rebound from 1.4565 was relatively weak and the structure is somewhat corrective. Hence, we’d now treat price actions from 1.4565 as developing into a consolidation/correction pattern only. Fall from 1.7190 is viewed as resuming the longer-term downtrend from 2.1161 and would target 1.3503 and below later.
we could see even lower numbers below 1.30
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