by Constantinos Loizou

  • As we can observe on the GBPUSD Daily chart, the pair formed from the middle of the December 2019 till the 10th 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:
  1. Target 1 : 1.2715 (50 % Fibonacci Retracement level from 1.1961 to 1.3468)
  2. Target 2 : 1.2537 (61.8% Fibonacci Retracement level and previous inside support point)
  3. Target 3 : 1.2413 (previous inside support point)