GBP/USD continues to drop nicely; remain bearish

Source: Forex Analysis

The price has continued to drop nicely since our double top reversal. We remain bearish as we can see an intermediate resistance line holding the price down really well. We look to sell on strength below the 1.3991 resistance (Fibonacci retracement, horizontal overlap resistance) for a further push down to the 1.3639 support (Fibonacci extension, horizontal swing low support, double top exit potential).

RSI (34) has made a bearish exit of our long term ascending support-turned-resistance line, previously signalling a change in momentum.

Sell below 1.3991. Stop loss at 1.4166. Take profit at 1.3639.


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