GBPUSD: Potential trade setup shorting hourly
There is a potential 7:1 shorting opportunity forming on the hourly chart of the currency pair.
If the pair can violate the uptrend resistance as well as the 1.252 resistance, then this will confirm a continuation of the downtrend where I see it hitting the 1.237 level or the 0.618 fib retracement.
This is likely given the fresh disastrous economic data as well as fading hopes of an economic rebound.
The pair is already in a downtrend and despite a bounce in the RSI, it is trending downwards. Additionally, the pull back is running out of steam, with volume fading.
If the pair can violate the uptrend resistance as well as the 1.252 resistance, then this will confirm a continuation of the downtrend where I see it hitting the 1.237 level or the 0.618 fib retracement.
This is likely given the fresh disastrous economic data as well as fading hopes of an economic rebound.
The pair is already in a downtrend and despite a bounce in the RSI, it is trending downwards. Additionally, the pull back is running out of steam, with volume fading.