The GBP/USD pair has been trading below the secondary downtrend line, as you could see on the chart. From the technical point of view, it appears that the bullish strength in this pair is running out, and it is likely that for the next few days this pair will be trading near the 200 day moving average period (blue) around 1.5850. So we recommend selling the pair below the trend line, around 1.6125 with objectives to the psychological level of 1.60. If the downtrend continues, keep order until 1.5850.
Moreover, a breakdown of downtrend line will enable the start of an upward movement to1.63. Thus, we recommend buying above the bearish channel.
It is recommended to operate with low leverage on these markets. Place always stop loss.
If you need personal consultation, contact me via e-mail: gerardo.porras@analytics.instaforex.com
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