GBPUSD is under a retracement and it is still bearish. Ex lower trendline of a giant triangle has been broken effectively becoming an Inner trend line. The price is testing the trendline at 1.4918 which has a confluence with 61.8 fib. The price could be rejected from this level but in the case it proceeds to the upside H4,intra week trend line and 78.6 is making up for POC2 where rejection can also happen.
POC 1 is 4918, POC 2 is 4950. The price needs to stay below 5015 in order to proceed towards 4900, 4840 and 4795. The break of 4795 aims for 4750 region.
The analysis and the article presents Nenad's opinion. Remember, financial trading is highly speculative & may lead to the loss of your funds. Proper risk management is the Holy Grail of trading.
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