Facts:
GBPUSD broke below the lower limit of 1:1 structure at 1.3483
The pair is trading below 100-period moving average from H1 interval
Recommendation:
Trade: Short position on GBPUSD at market price
Target: 1.3400, 1.3255
Stop: 1.3525
Opinion: GBPUSD has been trading in an upward trend recently. However, looking at the H1 interval, we can see that the recent upward move was stopped and the bigger downward correction occurs. The pair broke below the lower limit of the 1:1 structure, signalling a return to the downward trend. In addition, GBPUSD dropped below 100 – period moving average which further confirms bearish sentiment. We recommend going short GBPUSD at market price with two targets: 1.3400 and 1.3255 We also recommend placing a stop loss at 1.3525. Source: xStation5
