GBPUSD Bearish below the 1D MA50, bullish above the 1D MA100.

The GBPUSD pair got rejected on Friday quite heavily on a Lower Highs trend-line that started on August 26 (dashed line) and had since 3 rejections. The long-term pattern is a Bearish Megaphone since the February 21 High and as long as the price remains below the 1D MA50 (blue trend-line), every rebound is a sell opportunity. Only a break above the 1D MA100 (green trend-line) would be a short-term buy opportunity (targeting the 1D MA200 (orange trend-line)), as it has been intact since February 24.

The Zone in-between the two is a no-trade zone. Notice also the RSI on the 1D time-frame and how it has formed a Lower Highs pattern. Every time we see this formation since April, the pair had peaked (red flags) and an aggressive sell-off followed.




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