Wednesday 2 January 2019

GBPUSD: Bear market continues into the new year!

GBPUSD: Bear market continues into the new year!

GBPUSD price action still below both the daily and weekly clouds! Bottom end of the cloud is a key resistance zone, and also confirms the overall bear market that GBPUSD is in.

Key levels in the daily chart to watch are: 1.2815/1.2798 as key resistance zones! GBPUSD needs to break past the 1.2867 zone , above the cloud to be in a new uptrend.
Key support level to watch is 1.2444.

The 1.2815 level is a major resistance level on a weekly chart now since GBPUSD lost support at this level! Downside target is 1.2444 at the bottom end of an old cloud chart support zone!
The GBP might rally on any news relating to Brexit, but it can be short lived when it gets to the bottom end of the cloud  chart resistance zone!

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