GBPUSD Bearish

Hi All,

Initially, we saw a break of the monthly descending trendline. Once it broke the monthly descending trandline, it accelerated just above the monthly 50% Fib level and we are now seeing that this pair respects this strong area of resistance and Support and thus a bearish candle confirms that this pair is retracing at this level. I expect to see this pair retrace and retests the monthly descending blue trendline.

Also, this pair has respected the 4hr descending trendline which is another confirmation of this bearish setup.

Happy trading :)

https://www.tradingview.com/x/esGT6BbU/