24.10.202109:16 Forex Analysis & Reviews: GBPUSD provides sell signal.

In our last analysis on GBPUSD we warned bulls that price was vulnerable in providing a sell signal. We outlined the reasons why we favoured a reversal from current levels and the level that will provide confirmation of the reversal. On Friday price broke below the short-term support at 1.3784 and ended the day around 1.3750.

Exchange Rates 24.10.2021 analysis

Red lines- bullish channel

Red rectangle -support

Blue line- RSI support

Our expectations are for price to reach at least the lower channel boundary around 1.37. Price has provided a bearish signal on Friday by breaking below the red rectangle which is now resistance. Short-term trend is changing from bullish to bearish as price has started making lower lows and lower highs. Price has stopped the decline at recent lows at 1.3740-1.3750. The RSI that provided us with a bearish divergence has now broken below the support trend line and is moving lower. Currently we do not rule out a bottom around 1.37, a new higher high above 1.3830 and the RSI to provide a new bearish divergence. As long as the bullish channel holds, bulls still have hopes for another move higher.

*Phân tích thị trường được đăng tải ở đây có nghĩa là để gia tăng nhận thức của bạn, nhưng không đưa ra các chỉ dẫn để thực hiện một giao dịch.

Alexandros Yfantis,
Chuyên gia phân tích của InstaForex
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