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GBPUSD analysis: Bulls throwing in the towel

The daily timeframe of the GBPUSD is shown in this analysis with chart patterns and price levels indicated that are crucial to monitoring the path of future price movement.

gbpusd technical analysis

Price closed below the bullish trendline in the GBPUSD that has been in place for over 2 years on October 30, 2018 and again on November 27, 2018. Price action breaking the trendline and currently trading below it implies a bearish bias for the GBPUSD.

The upper region of the bearish channel at ~1.30631 is anticipated to offer resistance should bullish momentum develop in the GBPUSD. The next target on a break above 1.30631 is between 1.34991 and 1.33677.

Price closing below 1.24769 indicates a resumption of the current bear.

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