After a bearish fall on GBPUSD based on the OMICRON covid strain, widespreading in UK, GBP took a hit and dipped massively. 

We had already been dropped hard. Now, market is gonna retrace till the resistance level and then further continue dropping down till the previous low. 

The retracement is still up above the drawn resistance. Therefore, we have to be aware that market may drop back from the resistance level instead of testing the retracement levels. We will take a short from the resistance.

The bottom trendline has been tapped and rejected. This trendline maybe retested again at the support level.

Both the EMA's are in a bearish death cross, which indicates bearish sentiment still intact. The market may not retest the EMA 50 or 200. At the resistance, there will be no confluence. 

Both the oscillators are in a bearish trend and levels. These converge with the prices and indicate the bearish pressure being intact.

Continuation of GBPUSD bearish impulse

Nov 30 2021

Stop Loss -0.16%

Holding time 1hr

1.32840

Entry price

1.33050

Stop loss price

1