MT4- GBPUSD began receded lower at the start of last week and the bearish pressure has not retreated. The pair has now dropping back into the 2-month downtrend channel and shifting our bias to bearish. The low price for the day was 1.5475( pushing past yesterdays low) and price action suggests further losses may be on the cards this week. A daily close within the downtrend will reinstate our bearish bias and we would then go short and aim for a target of 1.5390 range support.
The break of supply zone at 1.5520 (downtrend channel top) open the way to 1.5405 (8th June low), 1.5390 (6th June low), then 1.5266 (13th Jan low).
The next resistances lie 1.5663 / 78 (June 18th & 19th lows), 1.5739 (18th July high), 1.5776 (23rd May high), 1.5845 (22nd May high), 1.5954 (1st Mar pivot high).
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