Signs of an Upcoming Reversal
The current GBP/USD chart shows that a downtrend has been in place since the short-term top was established in late September. The 34 EMA and 89 EMA are converging and moving in a bearish direction, supporting the view that the current trend could continue.
The nearest support level is around 1.30600, which the price has tested and failed to break over the past few sessions. This forms a temporary sideways pattern, and if this level fails to hold, we could see a deeper decline to the next support level.
The nearest support level is around 1.30600, which the price has tested and failed to break over the past few sessions. This forms a temporary sideways pattern, and if this level fails to hold, we could see a deeper decline to the next support level.
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