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25.06.201918:28 Forex Analysis & Reviews: GBP/USD 06.25.2019 - Downward cycle in play

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BTC price has tested the strong resistance at the price of 1.2759 and it go rejected. This is for me strong sign that buyers don't have power for any larger upward, which is great for further downside. Watch for selling opportunities on the rallies.

Green rectangle – multi swing high resistance

Yellow rectangle- Support 1

Purple rectangle – Median channel line projection

Blue lines – Pitchfork downward channel

Red lines – Broken rising wedge

GBP/USD did break rising wedge after the fail test of the important resistance at 1.2759, which caused the GBP to drop. For me, this is strong indication that at least on the short term prospective, we might see downward movement. I placed Pitchfork channel to identify the potential target zone and I found the supports at 1.2533 and main ML according to current down channel at 1.2550. As long as the GBP is trading below the 1.2759, you should watch for selling opportunities. Stochastic and RSI oscillator are showing the bearish divergence, which is another sign of the weakness on the GBP,

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