GBP/USD Making a New Low on the Year

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GBP/USD Making a New Low on the Year

Last week, after GBP/USD broke down a triangle support, it was in a bearish continuation mode. This week is starting with cable falling to new lows on the year at 1.4564. Let’s take a look at the charts.

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The 4H chart shows the bearish continuation finding near-term support at 1.4564 in the 4/13 US session. There is a bullish divergence in the 1H chart. If we do see a pullback, limit the bullish outlook  to the 1.4750-1.48 area, which was a previous support area.

A break above 1.48 might suggest further consolidation, but there will still be a bearish bias in the medium-term.

Otherwise, the trend remains bearish and is poised to continue towards the 2010 lows around 1.4226. We can see this in the monthly chart.

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Fan Yang has been a professional forex trader and analyst since 2007. He specializes in technical analysis and has a Chartered Market Technician designation since 2011. He was the chief technical strategist at CMSFX He was also the founder and chief currency strategist at FXTimes Over the years, Fan has not only been a trader and analyst but also an educator. As a proponent of both technical and fundamental analysis in trading, Fan advocates simplicity and discipline as key factors in making trading decisions when faced with so many "clues" and "signals". Currently Fan Yang is the chief currency analyst and webinar instructor at forexminute.com.