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GBP/USD

Mar 4, 2020 (11:26)

by Constantinos Loizou

As we can observe on the GBPUSD Daily chart, the pair formed from the middle of the December 2019 till the 10^th of February a descending triangle (Bearish formation in the Uptrend)
The formation had been broken to the downside on Monday and yesterday it retested it
Price now is at 1.2780, below its 20 Days Moving Average
Momentum is remaining bearish
Therefore, there is a possibility the price to move lower and our targets can be set at:

Target 1 : 1.2715 (50 % Fibonacci Retracement level from 1.1961 to 1.3468)
Target 2 : 1.2537 (61.8% Fibonacci Retracement level and previous inside support point)
Target 3 : 1.2413 (previous inside support point)

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