The rallies off the low are merely not that spectacular
The GBPUSD tumbled yesterday and stalled at 1.29237 which was proper across the low at this time.
The corrections off these lows went 37 pips and 55 pips respectively. That’s not a variety of pips. Hassle for the longs.
Trying on the hourly chart, the 50% did stall the final fall. If the worth goes down from right here that work must be accomplished (a transfer beneath). Then the double backside at 1.29237 must be damaged. It is so simple as that.
Trying on the 5-minute chart, observe the motion across the 100 and 200 bar MAs. Kind many of the London/NY session, the worth has been reacting to these MAs. Extra lately, the worth has moved beneath the 100 and 200 bar MAs.
The value motion and technical view is saying down for the GBPUSD. The corrections are merely very restricted and there are some technical instruments which might be making an attempt to tip the bias again decrease.
Admittedly, nonetheless, there may be work to do for the sellers and the bias from the tilts can reverse and return the opposite means. There isn’t a query about that too.
However, get beneath the 1.2941 is extra bearish.
Get beneath the double backside is extra bearish.
Do not transfer again above the 100 bar MA on the 5-minute chart at 1.2958 is extra bearish.
These are what must occur to get the ball rolling extra to the draw back once more.