GBPUSD
has been quite difficult to trade as it appears to be in a steady corrective cycle of its long-term down trend. However, a break below this current short-term uptrend should provide some momentum to the downside. The three levels marked on the chart, 1.41000, 1.40500, and 1.40000, will potentially act as support and stop the downside movement of price action so they could be potential profit taking areas. With that being said, if we do see a break below this trend line we will be looking to see confluence form our price action forecasting algorithm with a performance prediction of 85% or more. Currently our algorithm is forecasting a strong movement to the downside with a performance prediction of 91%. See the image below for the latest forecast from our algorithm:
imgur.com/a/zYjEx
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