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Apr 08 - 06:55 AM

GBP/USD - Chart Remains Very Negative

By Martin Miller  —  Apr 08 - 05:10 AM
  • GBP/USD chart is very negative, reinforcing the overall bearish market

  • Cable closed under the 1.3166 Fibo at the end of March, a very bearish sign

  • 1.3166 Fibo is a 38.2% retrace of 1.1413 to 1.4250 (2020 to 2021) rise

  • Bearish outlook reinforced by fourteen-month momentum that remains negative

  • Odds grow for a drop to test the 30-day lower bollinger-band now at 1.2954

  • GBP/USD Trader TGM2338 Previous update nL2N2W50CZ

Monthly Chart: Click here

Daily Chart: Click here

Source:
Refinitiv IFR Research/Market Commentary

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