The GBPUSD price action is in a corrective sequence which in the short-term could visit fresh lows. In the long-term, our bias keeps bullish with the possibility to visit the pre-Brexit levels.
The Big Picture
The Sterling is retracing from the bullish cycle started on January 16, 2017, when found buyers at 1.1986. This bullish cycle ended at 1.43767 on April 17, 2018, from where started the corrective sequence, which found support at 1.23730 on January 03, 2019.
The 4-hour Chart
The pair is developing a corrective sequence from the high level reached on March 13th, 1.33806. The drop under previous short-term lows and the psychological level 1.30 activated new bearish targets. We foresee a limited bounce to 1.298 area for then continue the falling sequence to the zone between 1.2622 until 1.2507. The invalidation level for this chart is above 1.31272.
What’s Next?
In the short-term, our bias is bearish expecting the bearish cycle completion in the zone between 1.2662 – 1.2507. Once completed this cycle, we foresee a bounce to new highs. The long-term target is near to the upper line of the ascending channel.
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