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GBPUSD – Unwinding FOMC Gains, ST Price Action Context Bearish | Mar 22
GBPUSD – Unwinding Gains FOMC, ST Bearish (4hr chart)
Selling off to start the week, the Cable has dropped about 2+ handles with the most aggressive selling today. My guess is the selling today was a reaction towards the bombings in Belgium which only exacerbated the Brexit risk.
Regardless, with the pair now below 1.4435 which was support, now turned resistance, the price action context is bearish ST with the line of least resistance is down.
Next targets are 1.4175 and 1.4050 to clear (last week spike lows), while below here puts 1.3850 into context. Only a daily close above 1.45 negates my bearish bias ST.
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