GBPUSD 4H : Showed bearish trend
GBPUSD
New forecast
The British pound pair rose against the dollar, and is showing sideways trading in the past sessions, forming a negative incentive that supports the chances of resuming the expected downward trend in the immediate term, whose next target is at 1.2192, and by breaking it, it will reach 1.2155.
Therefore the downtrend scenario will be remain valid and effective during coming period supported by moving average 50, so we continue to favor the downward trend for the coming period, while breaching 1.2270 will stop the current negative pressure and push the price to begin new recovery attempts.
The expect range trading for today it will be between the resistance line 1.2270 and support line 1.2192 .
support line : 1.2215 , 1.2192
resistance line : 1.2250 , 1.2270
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New forecast
The British pound pair rose against the dollar, and is showing sideways trading in the past sessions, forming a negative incentive that supports the chances of resuming the expected downward trend in the immediate term, whose next target is at 1.2192, and by breaking it, it will reach 1.2155.
Therefore the downtrend scenario will be remain valid and effective during coming period supported by moving average 50, so we continue to favor the downward trend for the coming period, while breaching 1.2270 will stop the current negative pressure and push the price to begin new recovery attempts.
The expect range trading for today it will be between the resistance line 1.2270 and support line 1.2192 .
support line : 1.2215 , 1.2192
resistance line : 1.2250 , 1.2270
Thank you for considering my analysis and perspective and If this post was useful to you , don't forget to subscribe and like ❤️
Update
The price of GBPUSD try to stable above 1.2247 so if price successfully to stable above if then will help the price to be continue at the positive correction and reach to 1.2270 and then will drop .so Right now the main condition to be downtrend is stabilized under 1.2247 .