GBPUSD BEARISH
For short term, Uptrend is likely to break because:
* volume is low / making LL indicating the absence of big players (institutions) therefore the trend might not get strength to proceed.
* RSI is making LL, opposite to the price uptrend thus price is more likely to reverse.
* The price might find a resistance at its 50 MA (EMA), which it is so close to.
* The price is under both 50 MA & 200 MA indicating that it’s in downtrend.
* The last 15 candles seems to made contracting consolidation indicating that high chance for reversal of the little uptrend.
* Price might target to next support level at (1.1941), else the nearest resistance.
* volume is low / making LL indicating the absence of big players (institutions) therefore the trend might not get strength to proceed.
* RSI is making LL, opposite to the price uptrend thus price is more likely to reverse.
* The price might find a resistance at its 50 MA (EMA), which it is so close to.
* The price is under both 50 MA & 200 MA indicating that it’s in downtrend.
* The last 15 candles seems to made contracting consolidation indicating that high chance for reversal of the little uptrend.
* Price might target to next support level at (1.1941), else the nearest resistance.
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