GBP/USD showed quite a nice movement yesterday. The first signal of a possible bearish movement was sent to us two days ago when sellers managed to break the upper flag formation. The rally down did not really occur until yesterday. In the morning, buyers were using bearish weakness and they managed to pull prices to a crucial mid-term resistance at 1.6075 where two important lines crossed – the resistance from the recent flag (blue) and the short-term downtrend line (red).
That was the place where magic happened and bulls started a major downswing. The drop reached the long term uptrend line (purple), where demand finally showed up. Breaking that line could have created a very strong long-term sell signal, so defense was stronger than expected. As long as the price will put constant pressure on that line, investors holding long positions can feel anxious. For now it does not really look like a major bullish counter attack so the next downswing is very likely.
GBP/USD" title="GBP/USD" width="614" height="339">
Buyers can catch a deep breath once they will come back above the red line and later on, with some effort, above the 1.6075 level. As long as they do not have enough power to do it, short positions seems more likely.
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Cable Showing Some Weakness Above Long-Term Uptrend Line
Published 01/10/2013, 06:19 AM
Updated 01/31/2022, 02:45 AM
Cable Showing Some Weakness Above Long-Term Uptrend Line
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