GBPUSD has been in a bearish trend with the formation of lower lows and lower highs. That being said, we are looking at the resistance level for further sells towards the nearest support level which can continue its course. At the resistance level, we have to see a bearish candle print for the continuation downwards. 

The ascending trendline has already broken out for sells and the validation is complete. The only factor remaining is the lower time frame breakout sell from the structure.

There is no retracement on this setup as its only breakout and retest formation.

EMA 50 is bearish as well and the retest at the EMA 50 can prove to be instrumental at the resistance level for the continuation downwards.

RSI is at 44. It needs to be neutralized at the 50 level in order to align with the technical factors.

GBPUSD sells from resistance

Dec 07 2023

Stop Loss -0.37%

Holding time 6d8hr

1.26009

Entry price

1.26471

Stop loss price