Forex GBPUSD Technical Analysis Our expectations:
Long-term upward trend and medium-term correction. False breakthrough of main horizontal support. Followed by rebound and price action for reverse. There is no closed bars below the main diagonal.
Price Action: Bullish Engulfing Pattern at support zone.
Correction to 50% Fibonacci, the price rebound upwards.
Sequential gives green 9 and yellow 13 reversal combined with a DeMarker turns above 0.3, an extremely loud reversal signal.
Death cross of 50 and 200SMA gives a mismatch with the other indicators!
Alternative scenario: Confirmed breakthrough of the main diagonal may trigger many short positions, which would result in a sharp decrease and a new bottom at the cross.
Trader Georgi Bozhidarov