GBP/JPY

GBP/USD Bears Are in Full Control

Dear Traders,

The cable has been very bearish. I expect the bearish continuation towards 1.2007 and 1.1914 if the price closes below 1.2080.

Strong downtrend marks the bias on the GBP/USD pair. At this point we can see that 1.2083 M L5 (Strongest monthly support) is supporting the move. If the pair closes below it, it will be extremely bearish and we should see a continuation towards W L3 and W L4. Selling on rallies is the option. 1.2190 zone could be good for fresh sellers.

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

 

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.