GBP/USD is on the verge of a bearish extension according to the daily chart. A bearish head and shoulders are in the makings. GBP/USD has formed a compelling case for the downside where technicals meet the positing data bias. Futures positions are weakening in long cable and the longer-term technicals are also bearish. The following is a top-down analysis that illustrates the bearish market structures: Monthly chart The price has started to move lower on the monthly horizon and a fuller retracement to test old resistance could be on the cards in a 50% mean reversion of the last monthly bullish impulse. Weekly chart 1 At first glance, however, the price seems destined to consolidate between support and resistance on a weekly basis. Weekly chart 2 However, a rejection of old support could open the way for a break of current support. Daily chart The daily chart offers the prospects of a bearish head and shoulders as well and a rejection of old support will form the right-hand shoulder of the pattern. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next USD/JPY extends sideways grind around 109.00 FX Street 2 years GBP/USD is on the verge of a bearish extension according to the daily chart. A bearish head and shoulders are in the makings. GBP/USD has formed a compelling case for the downside where technicals meet the positing data bias. Futures positions are weakening in long cable and the longer-term technicals are also bearish. The following is a top-down analysis that illustrates the bearish market structures: Monthly chart The price has started to move lower on the monthly horizon and a fuller retracement to test old resistance could be on the cards in a 50% mean reversion… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
