GBPUSD Rebound expected but bearish overallThe GBPUSD pair has been trading within a Channel Down (dotted) since the March 08 2024 High, which can be considered a Lower High on a potentially emerging (dashed) Channel Down. At the same time, the downside on the long-term is limited by a Higher Lows trend-line that was initiated on the March 08 2023 Low.
We will formulate our strategy accordingly. On the short-term we expect a rebound towards the 1D MA50 (blue trend-line) and the 0.382 Fibonacci retracement level (such as the August 30 2023 High), targeting 1.2570.
On the medium-term, we will stick to the (dotted) Channel Down, targeting the Higher Lows trend-line at 1.2300, which is also above the 0.786 Fib (the October 03 2023 Low hit it marginally).
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