GBPUSD Short Term – Resuming Trend

GBPUSD has slowly slipped lower while the other majors were consolidating, the move is marked by two descending trendlines connecting lower highs and lower lows(see chart below). After breaking a support level the pair bounced back and retested it as resistance for a couple of times, break of the smaller upswing would have made a decent entry point while placing the stops pips above the highs. GBPUSD has slowly slipped lower while the other majors were consolidating, the move is marked by two descending trendlines connecting lower highs and lower lows(see chart below). After breaking a support level the pair bounced back and retested it as resistance for a couple of times, break of the smaller upswing would have made a decent entry point while placing the stops pips above the highs. Overall GBPUSD still has a bearish bias and that doesn’t  show any real sign of change in the near future.

[NP][/NP]