GBPUSD Will it hold the 1D MA50??

9 paź

The GBPUSD pair has been trading exactly on its 1D MA50 (blue trend-line) for the past two days and so far it held. Today though it appears to be making its first legitimate attempt to break it and if the 1D candle closes below it, we will have a confirmed bearish break-out.

This is similar to the August 03 2023 bearish break-out, which was the ultimate medium-term sell confirmation after a long Bullish Megaphone that dictated the trend. As you can see the two fractals are identical, initially declining by around -5% and then rising towards the 2.0 Fibonacci extension through their Megaphones.

The 2023 sell signal reached the 0.786 Fib after the break-out and that will be our Target again (1.2550) if the 1D candle confirms that closing below the 1D MA50.

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