GBPUSD Technical Overview : Bearish Pressure Below 1.30600
GBPUSD tested the upper channel of the Bollinger Bands in Daily chart after completing Bullish Total Harmonic Pattern at 1.26500 – Fibonacci 1.272 extension of XA –
Cable faced a strong selling pressure at 1.29300 and pulled back.
On the H4 Chart, the pair ended the week above EMA 50 and SMA 100. Shorter term Bullish move is likely to continue if the pair holds above 1.28100. Breakout of the 1.28800 resistance will carry the price 1.29350.
We need to see H4 closings below 1.28100 for further bearish movement.
1.30600 is the key resistance as Fibonacci 23.6 of XA. Midterm bearish pressure will continue as long as the price holds below 1.30600.
We can start to talk about a midterm trend reversal after the breakout of 1.30600 resistance.
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