GBP/USD Technical Outlook Turning Bearish Again, Big Level Below to Watch

[embedded content] GBP/USD Technical Highlights: GBP/USD rolling over within context of downtrend Keep an eye on how things play out should we see recent lows Cable is rolling over from a resistance area within the context of a downtrend, making it likely we see further weakness in the near-term. As long as we don’t see a closing daily candle above 13673, then the outlook will remain bearish. The area around 13500 is a big one in the long-term, so should cable roll lower into the 13400s we will want to see how price action behaves. On a weekly basis a couple of weeks back we saw price drop below the big 13500 level but then close back above. A weekly close below 13500 and the recent lows could send cable much lower, while a rejection from that area may help solidify a low for now. For the full details, check out the video above. GBP/USD Daily Chart GBP/USD Weekly Chart GBP/USD Chart by TradingView Resources for Forex Traders Whether you are a new or experienced trader, we have several resources available to help you; indicator for tracking trader sentiment, quarterly trading forecasts, analytical and educational webinars held daily, trading guides to help you improve trading performance, and one specifically for those who are new to forex. ---Written by Paul Robinson, Market Analyst You can follow Paul on Twitter at @PaulRobinsonFX

GBP/USD Technical Outlook Turning Bearish Again, Big Level Below to Watch

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GBP/USD Technical Highlights:

  • GBP/USD rolling over within context of downtrend
  • Keep an eye on how things play out should we see recent lows

Cable is rolling over from a resistance area within the context of a downtrend, making it likely we see further weakness in the near-term. As long as we don’t see a closing daily candle above 13673, then the outlook will remain bearish.

The area around 13500 is a big one in the long-term, so should cable roll lower into the 13400s we will want to see how price action behaves. On a weekly basis a couple of weeks back we saw price drop below the big 13500 level but then close back above. A weekly close below 13500 and the recent lows could send cable much lower, while a rejection from that area may help solidify a low for now.

For the full details, check out the video above.

GBP/USD Daily Chart

gbp/usd daily chart

GBP/USD Weekly Chart

GBP/USD weekly chart

GBP/USD Chart by TradingView

Resources for Forex Traders

Whether you are a new or experienced trader, we have several resources available to help you; indicator for tracking trader sentiment, quarterly trading forecasts, analytical and educational webinars held daily, trading guides to help you improve trading performance, and one specifically for those who are new to forex.

---Written by Paul Robinson, Market Analyst

You can follow Paul on Twitter at @PaulRobinsonFX