GBPUSD failing to stay up, likely resuming downtrend
GBPUSD spiked to the 0.786 retracement at 1.2622 only to collapse back below the 0.618 retracement.
RSI failing to close above 60 threshold thus still showing negative sentiment, and with no divergence indicating GBPUSD is likely to resume downtrend and push lower in coming weeks.
A break below 1.2465 will confirm the bearish trend has resumed with downside potential to 1.23, but likely lower.
For GBPUSD to establish a bullish trend, a daily close above 1.2710 and an RSI close above 60 are required. Until then, it is merely just a correction
RSI failing to close above 60 threshold thus still showing negative sentiment, and with no divergence indicating GBPUSD is likely to resume downtrend and push lower in coming weeks.
A break below 1.2465 will confirm the bearish trend has resumed with downside potential to 1.23, but likely lower.
For GBPUSD to establish a bullish trend, a daily close above 1.2710 and an RSI close above 60 are required. Until then, it is merely just a correction