30-mins: GBP/USD Continues Sliding Down
Over the past two months, the GBP/USD pair has experienced a significant decline, losing a total of 800 pips as strong bearish sentiment dominates the market. Although there have been occasional minor pullbacks, they have been limited to modest gains of only 30-50 pips, suggesting weak buying interest during the downtrend.
Today's price action shows renewed selling pressure, driven by a clear bearish technical signal: the "Death Cross," where the 20-period moving average (MA) has crossed below the 60-period MA. This classic sell signal confirms the strong downward momentum, indicating that sellers remain firmly in control.
However, the lower price levels could attract short-term buyers looking for a potential bargain. If a correction materializes, we might see the pair pulling back to test resistance at 1.2652, which aligns with the 50% Fibonacci retracement level, or slightly higher at 1.2664, near the 61.8% Fibonacci level. These levels represent key resistance points where sellers might re-enter the market, offering a better risk-reward ratio for traders aiming to capitalize on the broader downtrend.
Without a sustained break above these resistance levels, the bearish outlook is likely to continue, with the trend potentially extending toward new lows in the coming sessions. Traders should watch these areas closely for signs of reversal or increased selling pressure.
Today's price action shows renewed selling pressure, driven by a clear bearish technical signal: the "Death Cross," where the 20-period moving average (MA) has crossed below the 60-period MA. This classic sell signal confirms the strong downward momentum, indicating that sellers remain firmly in control.
However, the lower price levels could attract short-term buyers looking for a potential bargain. If a correction materializes, we might see the pair pulling back to test resistance at 1.2652, which aligns with the 50% Fibonacci retracement level, or slightly higher at 1.2664, near the 61.8% Fibonacci level. These levels represent key resistance points where sellers might re-enter the market, offering a better risk-reward ratio for traders aiming to capitalize on the broader downtrend.
Without a sustained break above these resistance levels, the bearish outlook is likely to continue, with the trend potentially extending toward new lows in the coming sessions. Traders should watch these areas closely for signs of reversal or increased selling pressure.
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