GBPUSD Major reversal on the way !

Pound-Dollar-7676-ert

The GBPUSD maintained a bearish momentum the past few days, printed resistance at 1.6442 ahead of 1.6507 levels and broke out the rising wedge pattern on the daily chart.

This development leaves the pair targeting the 1.6171 levels where a breach will turn focus on the 1.6125 levels, at this point strong support should be seen here, and buyers are likely to return above this level to push the market towards 1.6500 levels once again, but If 1.6125 fails on a daily basis , expect to see a free fall towards the 1.5716 levels.

On the upside; to eliminate the bearish threat , the GBPUSD needs to overcome the 1.6442/1.6507 levels on a daily closing basis , If seen , It would challenge the 1.6602 levels , break of 1.6602 would open 1.6745 levels. Otherwise, the risk will remain to the downside towards 1.6171/1.6125 levels.

Note that a daily close (GMT + 2) below 1.6346 levels is likely to accelerate the bearish move, while a daily close above 1.6346 may retest 1.6442/1.6507 levels.

On the weekly chart , bearish reversal pattern almost completed , neckline at 1.6250 levels , losing this level on a weekly basis would open 1.5750 levels.

 

MARKET DATA

UPCOMING ECONOMIC EVENTS

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