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GBP/USD: Maintaining Its Downward Trend

Published 01/21/2015, 07:16 AM
Updated 02/02/2022, 05:40 AM

The GBP/USD pair is trading below the downward trend line on a daily time frame. This confirms that the trend is towards the downside. As long as the price is trading below the downward trend line, the trend remains intact. Having said that, the price is forming a reversal double bottom pattern near the support zone which is mentioned below.

The RSI indicator and the MACD indicator are showing some sign of divergence in relation to the price action which means that while the piece hasn’t made the higher high but the indicators have.
GBP/USD Chart

Important zone
1.4852- 1.4959 Support
1.5506- 1.5634 Resistance

Disclosure & Disclaimer: The above is for informational purposes only and NOT to be construed as specific trading advice. responsibility for trade decisions is solely with the reader.

by Naeem Aslam

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