Gbp/usd hit sell target 1.2095 next target is 1.1860

Pound dollar technical analysis

Pound dollar technical analysis

Pound dollar pair is trading at 1.2123 with loss for the day. We saw upside recovery up to 1.2430 in pound after weak opening in month of January. But failed to cross 1.2430 on daily closing basis which resulted in sharp selling and continuation of primary downtrend.   On downside my first bearish target was at 1.2095 which go achieved by gbp usd pair and now trading above it. Forex traders now wait and watch, if gbpusd breaks below 1.2095 then that will be another sell signal for target of 1.1860. Daily chart indicators pattern are bearish and suggesting downside for pound.   Daily closing below 1.1860 will be very bearish for pound and might trigger panic sell off. In panic situation expect big downside for pound up to 1.1525 to 1.13. Gbp usd weekly chart showing weak price patterns and suggesting another big downside rally in longer terms. Expect 1.10 levels as target zone on downside in long terms. 1.2435 level will remain crucial and expect reversal rally above it.

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Pramod Baviskar

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