GBPUSD was in a downtrend and continued downward slopping. There are not much technical factors other than the support and resistance level. The support was broken and turned into the resistance level. This resistance level needs to be respected for the further continuation downwards for GBPUSD. 

Market has been forming lower lows and lower highs. 

Both the EMA's are in a bearish trend with a bearish death cross. EMA's are still way up and we don't see a corrective move towards the EMA. Therefore, we will continue the short selling till we get a range bound market.

RSI is at 13 and CCI at -80. These oscillators need to be neutralized at the resistance level. At these neutralized levels, we will see a short sell from the resistance. 

This is a bearish setup based on a minor resistance. We have to be vary of the fact that this market may push up and take us out with the stop loss.

GBPUSD shorting in a downtrend

Apr 25 2022