Outlook on GBPUSD: Bearish play seen

19 Kas 2021

On the H4 time frame, prices are showing bearish order flow and mitigated a key supply zone before a break of its ascending trend line on the H1 time frame. A pullback to test its resistance zone at 1.34713, in line with the 50% Fibonacci Retracement presents an opportunity to play the drop, to the next support area at 1.34150. A break below this area could provide the bearish acceleration in prices, to the next support zone at 1.33573. MACD is showing signs of bearish pressure as well, in line with our bearish bias.