GBP/USD in a Bearish Breakout with a Wave Equality Projection to 1.6040
May 13th, 2011
Short-Term to Medium Term
- The US Dollar is gaining across the board on this Friday, and the GBP/USD is sliding.
- As noted in previous post, the GBP/USD invalidated a bottom attempt, and the reverse (a bearish continuation) is materializing.
- The 4H chart shows a swing projection to 1.6040 once the market clears the support pivot at 1.6156.
- If the decline extends, the next support cluster is near 1.5940. Note the RSI in the daily chart break below 40, and threatening 30. The RSI in the 4H chart shows that the short-term momentum is also kept bearish, with its reading remaining below 60, and also threatening 30.
Similar Posts:
- AUD/USD Attempting to Break Out of a Declining Wedge
- EUR/GBP’s Bearish Outlook and Targets
- EUR/GBP Respects Support at 0.8360; 0.8415 is Resistance
- FX Levels and Outlooks 1.12.2011 – USD/CAD Gold
- GBP/USD in a Pullback after a Bearish Breakout
