GBPUSD Bearish Trend Continues

GBPUSD bearish trend continues as the market has been under its influence persistently since July. The bearish momentum in the GBPUSD market became evident in early July. Buyers abandoned their positions, leading to a reversal at the crucial 1.31400 key level. Subsequently, the bears expanded their dominance by breaching the 1.28310 key level. Despite occasional attempts by buyers to re-enter the scene, the bearish strength continued to surpass key levels.

Resistance Levels: 1.09760, 1.08200

Support Levels: 1.06350, 1.05210

A few weeks ago, the sell traders made significant moves that broke through the 1.25650 market level. However, the market remains poised for further movements. In the current market phase, it’s apparent that the sell-side strength shows no sign of decline. While buyers may have plans to intervene, the bearish sentiment remains resilient.

If sellers maintain their momentum, they could potentially breach the critical key zone at 1.23100. The Money Flow Index (MFI) continues to favor the sell axis, indicating a southward flow of capital. Additionally, the Accumulation Distribution indicator stands at 3.87M, signifying that sell investors are liquidating their positions. This mass-selling activity contributes to the downward trend in price.

On the short time frame, the market is positioned for further downside. This week, attention may remain on the bearish side if the sell momentum persists. Traders should closely monitor the ongoing bearish trend and be prepared for potential price movements in favor of the bears.

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