GBP/USD

BY

EDWARD M. HAMMAN

SENIOR TECHNICAL ANALYSIT 

WADAFOX TRENDING

17 APRIL 2020

0750

Looking at the GBP/USD is a bit outside my usual currency, but a follower has asked if I could do the same with this currency as I do with EUR/USD, so I hope this information is helpul. And thank you for giving in your request, we are here to give you the analysis you need.

So as seen above, the pound was in an uptrend from the beginning of the year till the horrific fall in March. That cost a lot of traders lots of profit, and some gain heavy losses. The below data can show us what happened:

From Jan - Feb, the USD and the GBP crossed eachother a couple times, then they both plummeted. But the USD remain above GBP, which gives the dollar the upper hand, and that crossover is costing a change in trend from the upside to the downside for GBP/USD. 

In the dai;y chart above the market formed a double top, which is a strong bearish signal, forming a lower high going to a lower low.

Now looking at the monthly chart below, we just might see the pound making a new lowest low in the past 3 decades. So have some buy orders waiting because the market can only go up from there.

The weekly analysis for the GBP/USD is oversold, but now the two currencies are both oversold and has to go up together, the question is which one will be the winner.

New updates will be posted regarding the progress of GBP/USD.

Hope this was helpful, and please send us more emails of what you would like us to post.

(THE ABOVE INFORMATION IS PURELY SPECULATIVE AND WE DO NOT ACCEPT ANY LIABILITY FOR GAINS NOR LOSSES ACHIEVED BY USING THE GIVEN INFORMATION)