Published:  June 15, 2019 4:55 pm est
Harish Shahi Contributor Commodities Market Analysist Writer

by Harish Shahi,
Contributor Market Analyst   
NewsmovesMarketsForex

GBPUSD Rates by TradingView

By analyzing the daily technical chart we can see that the neck line breakout of head and shoulder price pattern where only bears are leading and seems like driving the car. Well we have mentioned in our previous report that price pattern has been formed and even we are advising to short the pair from 1.3250 level and now pair arrived at 1.2535 level which is new zone of bears.

Well we are expecting that our readers must have made profit from this profitable move. Presently we are seeing blood bath in the pair where only bears are attending the party and bulls are absent for the time being.

From past consecutive days we are witnessing steep downfall where bears are dominating the bulls and heading south side with strong bearish momentum. Presently pair is trading and sustaining below the moving average lines which is providing us bearish signal and the way bears are reacting it seems like it’s just a starting further downfall is still awaited.

From technical prospective we can see that three black crow pattern which has been posted on the chart is providing us bearish signal and providing strength to the bears. So traders and investors are advised to go for short and add further position below the 1.2500 level. Odds are in favor of bears and intraday to weekly bias remains bearish on the pair as long as 1.2750 level remains intact.

Bearish crossover on the MACD indicator

A bearish crossover on the MACD indicator is providing traders with a bearish signal. RSI is also supporting the bearish sentiments from negative territory. The 1.2750 level is immediate resistance level followed by 1.2960 whereas 1.2400 level is strong key support level followed by 1.2310 level.

 

 

GBPUSD June 18 2019
The Owner of this website as well as third-parties involved with this site or affiliates opinions, analysis or insights does not constitute as investment nor financial advice.  Our commentaries and contributors analysis are know as a general opinions and does not constituent as investment advice. We will not be responsible for losses that users rely on from the content disseminating from this site.
 
 The content of this site is for informational and educational purposes should not be taken as buy sell recommendations just a general opinions and not a guarantee of performance of market results.  If you have questions about investing in the financial or forex markets you should consult a license professional financial adviser.
 
Trading Forex on margin can go for you or against you, investors should fully understand all the risk involved before placing trades.  Ownership as well as all parties and contributors involved with content on this site express no guarantees as to the accuracy or completeness of information.
 
The market conditions, economic environments change dynamically we will not be responsible if users rely our content and incur or undertake trading losses thereof.    Although we do are best to assure accuracy of information disseminating from this site all content is subject to change at any time and we do not make any guarantee of content accuracy.