GBPUSD: BEARISH CONTRACTING TRIANGLE ๐ป
BIAS: BEARISH ๐ป
TECHNICAL PROJECTION: BEARISH
On the H4, we have a bearish bias that price will potentially create the "E" wave to continue further bearish to 1.17780 target to complete its "e wave" from the bearish contracting triangle pattern.
FUNDAMENTAL PROJECTION: BEARISH
DXY STRENGTH: Market could be pricing further 75bps hike tightening to come & balance sheet reduction to continue at $60b & $35mbs over the three month timeframe.
GBP WEAKNESS: Further downside can be expected from the GBPUSD, as inflation in the UK remains high and the worries of a recession persists.
GBPUSD: (www.tradingview.com/x/L5xeBMnx/)
BIAS: BEARISH ๐ป
TECHNICAL PROJECTION: BEARISH
On the H4, we have a bearish bias that price will potentially create the "E" wave to continue further bearish to 1.17780 target to complete its "e wave" from the bearish contracting triangle pattern.
FUNDAMENTAL PROJECTION: BEARISH
DXY STRENGTH: Market could be pricing further 75bps hike tightening to come & balance sheet reduction to continue at $60b & $35mbs over the three month timeframe.
GBP WEAKNESS: Further downside can be expected from the GBPUSD, as inflation in the UK remains high and the worries of a recession persists.
GBPUSD: (www.tradingview.com/x/L5xeBMnx/)