• July 23, 2024
  • Trade ideas

GBPUSD: Bearish Divergence

GBPUSD, Daily

GBPUSDDaily.png

On the Daily timeframe, GBPUSD faces a support zone at the 1.2900 level aligned with the 100.0 Fibonacci retracement. The MFI indicates a bearish divergence, and the RSI leaves the overbought zone, giving an extra bearish sentiment.

  • If the price rebounds off the 1.2900 support, it may rise to the 1.3120 level.
  • However, if the asset breaches below the support, it may fall to the 1.2670 and golden Fibonacci ratio.
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Author: Timur Yurdagyul