The GBP/USD pair made a successful change in trend behavior from bullish to bearish. The key resistance at 1.3215 held successfully and the sellers started the distribution process. Short-term trend remains bearish and we are still holding our short position.
Blue lines - bearish channel
GBP/USD is in a bearish trend making lower highs and lower lows. Price is below the Ichimoku cloud and both the tenkan- and kijun-sen indicators plus below the pivot level (1.3054) and yesterday's low (1.3028). As long as we trade below the Ichimoku cloud on the H1 time – frame, the trend remains bearish.
Trading recommendation: We are still short on GBP/USD from 1.3052 but we secured our position on breakeven (SL moved to entry level 1.3052). The downward target is set at the price of 1.2965.
