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Friday, June 04, 2021

GBPUSD | STRONG Bearish Reversal | Monthly

GBPUSD | STRONG Bearish Reversal | Monthly

GBP/USD OANDA:GBPUSD

Time Frame: MONTHLY
Possible Trade: SELL

Quick Technical Analysis:

Hmm... possible strong Bearish Reversal coming up? GBPUSD seems to be in a significant Area of Resistance compared to price levels of March 2018. The Area of Support from 2009-2016 has now transformed into an Area of Resistance which, if respected, could signal a possible Bearish Reversal. GBPUSD has also begun to form a "Double Top" pattern which is a very powerful pattern in the Forex market that signals an upcoming Bearish market.

What do you think?



Disclaimer: I am not a financial advisor so please trade at your own risk. Use proper risk management and be sure to analyze the markets thoroughly before executing any trades. Thank you!



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