Broke below a trading channel - 1.26 next?
The UK elections are coming and GBPUSD is starting to feel the pressure.
GBPUSD broke below a daily channel and closed below the Fast daily MA line last week.
As long as GBPUSD stays below 1.3 the direction is down (in my opinion).
The next Major Buy Zone for GBPUSD is 1.26 and that can be the level in which GBPUSD will turn back higher and climb towards the completion of a bearish harmonic pattern - 1.33.
If GBPUSD will climb and close above 1.3, the chances that it'll reach 1.33 before the next bearish wave will increase dramatically.
It all comes down to the Elections results.
It is going to be choppy this week so be careful.
Read more about GBPUSD and the UK elections in my newsletter.
Visit the website and check out the Weekly Markets Analysis
Or look for #WeeklyMarketsAnalysis on Twitter
GBPUSD broke below a daily channel and closed below the Fast daily MA line last week.
As long as GBPUSD stays below 1.3 the direction is down (in my opinion).
The next Major Buy Zone for GBPUSD is 1.26 and that can be the level in which GBPUSD will turn back higher and climb towards the completion of a bearish harmonic pattern - 1.33.
If GBPUSD will climb and close above 1.3, the chances that it'll reach 1.33 before the next bearish wave will increase dramatically.
It all comes down to the Elections results.
It is going to be choppy this week so be careful.
Read more about GBPUSD and the UK elections in my newsletter.
Visit the website and check out the Weekly Markets Analysis
Or look for #WeeklyMarketsAnalysis on Twitter