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GBP/USD - There is a Bearish Bias in this Consolidation

The GBP/USD has been consolidating since it bounced off of a low on the year at 1.3835.

GBP/USD 4H Chart 4/14

(click to enlarge)

We can see that price rallied to about 1.45 in March. However, we also can see that price action has been choppy, with a common support around 1.4050. 

Now, there are 2 reasons based on the technical picture why GBP/USD has a bearish bias. First of all, coming into March, GBP/USD has been bearish. You can see that in the weekly chart below. Another reason is that within the consolidation period, we have seen lower highs after tagging 1.45. Still I think the bulls won't capitulate until price falls below 1.40. Then, we should anticipate a sharp attempt towards the 1.3835 low, with downside risk towards the 2009 low at 1.3487. 

GBP/USD Weekly Chart 4/14

(click to enlarge)

As we can see in the weekly chart, there is no sign of the market reversing the downtrend seen since mid-2014. Recent price action on the weekly chart also shows that bears are still in charge. 

So, be careful of bullish outlooks because I think they are premature. I think you will require very attractive reward to risk for a bullish trade. In such a choppy market, it would be tough to make a bearish trade too, because there is no repeated resistance. 1.44 seems to be a common resistance we might be able to rely on to short GBP/USD, with a target to 1.4250, and a more aggressive target to 1.4050 in case I am wrong about further downside. If there is room for a third target, I would put that to 1.39, in case the it undershoots instead of overshoots the 1.3835 low.