GBP/USD SHORT

GBP/USD is consolidating into an ascending wedge within a choppy downtrend that began in mid June this year. The chaikin money flow indicator is showing strong bearish divergence suggesting that buyers for this recent upswing in price are running low. In addition there was a large spike in volume and price on the 27th of August consistent with an exhaustion move. If price can break below the trendline guiding price upwards price should move down to at least to 1.36 and potentially lower should a more dominant downtrend emerge. This idea would be invalidated if price breaks above the resistance zone currently capping prices.

GBPUSD


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