GBPUSD - Top Down Analysis

Taking a look at the daily chart, we can see price-action is now attempting to break below the second ascending trendline as we head into another BOE interest rate decision. The forecast is for an increase of 25 basis points from 5% to 5.25%.

With that said, let's now take a look at smaller timeframes to help us anticipate some potential entry levels.

== 1 HOUR TIMEFRAME ==

The 1Hr timeframe give pretty much the same information as the 15min timeframe. However, it's best to use the 15min for early detection of a potential shift in direction.

== 15 MIN TIMEFRAME ==

Taking a look at the 15 min timeframe, price-action is clearly dropping lower with it's short-term trajectory towards the descending support level.

Additional bearish confirmations include; RSI below 50 suggesting bearing pressure in play along with price-action below the 200 SMA indicating the same likelihood.

== IN CONCLUSION ==
Personally, I'm waiting for one this pair to at least reach a support level with confirmation that the bearish momentum is stalling out. This confirmation could include RSI pulling back above 30 or some solid candlestick price-action like a bullish engulfing pattern. Until then, I'm waiting it out.

Cheers Amigos!