GBPUSD is in a bearish trend with the formation of lower lows and lowers highs. This being done, we are looking to short the pair at the price of 1.2530, which is at the resistance level and has the potential to shape the pair for another bearish impulse. Our target could be at the support level priced at 1.2450, roughly 80 pips below.

The descending trendline was unable to break the price action for the breakout buy. Instead, it has been rejecting the prices. Even if the breakout buy is induced, we will still need to wait for the bullish structure to form.

There is no retracement indication on this as the market is currently ranging.

EMA 50 is bearish and might retest the pair at the resistance level. We will be looking for any solid confluence to stick our analysis for the bearish side.

RSI is at 41. It needs to be neutralized at the level of 50 in order to align with the technical factors.

GBPUSD bearish trend

Sep 14 2023

Take Profit +0.38%

Holding time 0hr

1.24747

Entry price

1.24277

Take profit price