GBP/USD Hook Pattern for a New Bearish Impulse

The GBP/USD has formed 1-2-3 pattern and this is a U-turn after a retracement. Sell trades are going well and the market is bearish.

The trend line shows a bearish continuation move as the price was unable to break the previous high. We have a continuation after the POC 1.3875-1.3900. Close below 1.3799 will be bearish for the pair and we should see a continuation towards 1.3749 and 1.3680. Market is bearish and there is no sign of the trend change. Selling the rallies continues.

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Cheers and safe trading,

Nenad

 

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.