GBPUSD breaks the barrier at 1.27 and then 1.26 all in one quick session move. We had warned about the fall in GBPUSD in our post to the clients last week. We believe there is more coming and do not think there is any chance of a brexit deal.
The daily charts show the prices are now oversold. minor bounces will be good chance to sell GBPUSD.
4HR charts: No support
Weekly: Well established downtrend.
The weekly charts show a clear downtrend. No bounces showing total bear control.
Point and Figure: Further confirmation of a breakdown
The triangle breakdown happened on 15 November and since then it has been a clear downtrend> As can be observed the price objective for the present breakdown is 119. Prices currently at 121.2
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