GBP/USD – The Outlook Remains Bearish With Brexit Deal Excitement Fading
Take Profit: 1.1985
Stop Loss: 1.2145
Timeline: 1 day
Buy Stop: 1.2090
Take Profit: 1.2150
Stop Loss: 1.2000
We saw the cable pair price retreat a little after the excitement regarding the Brexit deal started fading. The USD becoming strong again resulted in a decline for the pair bringing the price to 1.2065. Technical analysis on 4H charts shows a bearish channel made in black. The pair is getting closer to 25-period and 50-period MAs following the pullback. The RSI has drifted to the lower side and altogether the charts are giving off bearish signals.
The 2H charts provide more clarity about the situation as a double top pattern was formed. This is again a bearish signal and there was a movement above the Ichimoku cloud and 25-period & 50-period EMAs. There was also a shooting star pattern as the histogram of the MACD is close to turning red with the two lines likely to form a crossover.
The next focus point for the pair will be the upcoming manufacturing PMI release of both UK and US economies. This will give a clearer picture about both economies but experts are expecting that the data will show a decline for the manufacturing sector. Still this won’t be causing any major changes in the policy of BoE and Fed. So, the overall outlook for the pair is still bearish.
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