GBP/USD 1-2-3 Bearish Pattern on 4H Timeframe

The GBP/USD has formed a bearish pattern below the channel and we could see downward continuation.

The fear of further Corona Virus outbreak is spreading through Forex and Equity markets. Currencies had a rollercoaster last week with very slow and range bound conditions. The GBP/USD has formed 1-2-3 bearish pattern on 4h timeframe and we might see a drop. The pair is bearish but momentum below 1.2360 should expose 1.2300 and 1.2290 as the intraday target. Strong downside momentum without any roller coaster (read: clear trend) should target even lower zone at 1.2240.

The Analysis has been done with the CAMMACD.Core and Sit Systems

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Published by

Nenad Kerkez

Nenad Kerkez is an analyst and trader who has been in the market since 2008 and works closely with Admiral Markets as their Senior Lecturer and Market Analyst. Nenad covers over 25 currencies on an intraday basis and has a Masters in economics. He also developed CAMMACD TM, a proprietary trading and analysis strategy wit ever powerful pre fact setups that you can read every day. Nenad is also a valuable presenter on various FX EXPO shows, where he always presents new and interesting ways how to trade price action and protect your own investments. Further, he is the co-founder and head of Elite Currensea Trading, an educational website for currency traders.