GBPUSD: New Trends and Bearish Targets Unveiled
Solid ECN — The GBPUSD traded within a narrow range last week. The ADX indicator, hovering above the 25 level, suggests a new trend is likely on the horizon. Since the U.S. Dollar broke through the 50% Fibonacci resistance level, it appears that the downtrend that began in early March is set to continue.
The next bearish target is expected to be the flag's lower band, followed by the 38.2% Fibonacci support level.
Please note that the bear market will be invalidated if the price rises above the Ichimoku Cloud.