GBPUSD experienced a sharp bearish continuation on the daily chart, extending the decline toward the key demand zone around 1.34918 after failing to hold gains near the upper range at 1.37416. Price is now trading just above the Ichimoku cloud, with the most recent bearish candle confirming downside momentum and potentially testing the support area more aggressively in the coming sessions. The alignment of Tenkan-Sen and Kijun-Sen suggests short-term pressure remains tilted to the downside.
The current structure signals a breakdown below the mid-range consolidation. The Bears Power (Bulls 13) indicator has turned negative, showing a shift in control toward sellers. Price is now approaching the flat Kijun-Sen and upper boundary of the Kumo, which could act as temporary support. A break below this could expose the demand zone around 1.34158.
Momentum indicators also reflect waning bullish strength. The Stochastic Oscillator (5,3,3) has dropped to 24.85 and continues to point lower, indicating continued bearish momentum. Unless bulls defend the Ichimoku cloud base, the pair risks extending the decline toward deeper support.
Market Observation & Strategy Advice:
1. Current Position: GBPUSD is trading around 1.34918 after a sharp daily sell-off, testing support near the upper Ichimoku cloud boundary.
2. Resistance: 1.37416 – Major supply zone where prior rallies failed; aligns with horizontal resistance and rejection wicks.
3. Support: 1.34158 – Key horizontal support and lower boundary of the red demand zone; critical level for bulls to defend.
4. Momentum Indicators: Stochastic Oscillator (5,3,3) has dipped to 24.85, signalling bearish momentum acceleration; Bulls Power is negative, confirming selling pressure.
5. Trading Strategy Suggestions:
- Short Bias: Consider short entries on intraday pullbacks below 1.3550, targeting 1.3415.
- Support Reaction: Watch for bullish reversal candles around 1.3415–1.3440 as potential re-entry zones for countertrend longs.
- Bearish Continuation: A close below 1.3415 opens further downside toward 1.3300 or lower.
Market Performance:
Forex Last Price % Change
USD/JPY 146.992 −0.28%
AUD/USD 0.65832 +0.11%
Today’s Key Economic Calendar:
CN: Balance of Trade
CN: Exports & Imports YoY
Risk Disclaimer: This report is for informational purposes only and does not constitute financial advice. Investments involve risks, and past performance does not guarantee future results. Consult your financial advisor for personalized investment strategies.
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