GBPUSD has smashed through a major monthly support level of 1.39400 and is showing an extremely bearish sentiment, setting lower lows. The weekly, daily and H4 are all inline with the bearish bias, setting lower lows along a descending trendline; however the H1 chart has bottomed out and started making higher lows along an ascending trendline. I believe this will be short-lived however, and I'm still looking to only short this pair.
I'm anticipating a break of the ascending trendline on H1, a retest and then a trend continuation to the downside.
I'm anticipating a break of the ascending trendline on H1, a retest and then a trend continuation to the downside.