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GBP/USD 1-2-3 Bearish Pattern on 4H Timeframe

Nenad Kerkez
·1-min read

The GBP/USD has formed a bearish pattern below the channel and we could see downward continuation.

The fear of further Corona Virus outbreak is spreading through Forex and Equity markets. Currencies had a rollercoaster last week with very slow and range bound conditions. The GBP/USD has formed 1-2-3 bearish pattern on 4h timeframe and we might see a drop. The pair is bearish but momentum below 1.2360 should expose 1.2300 and 1.2290 as the intraday target. Strong downside momentum without any roller coaster (read: clear trend) should target even lower zone at 1.2240.

The Analysis has been done with the CAMMACD.Core and Sit Systems

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This article was originally posted on FX Empire