GBP/USD has been trading sideways at the price of 1.2894. Anyway, I still expect more downside due to the breakout of the rising wedge pattern in the background.
Orange rectangles - Support levels
Upward purple lines – Broken rising wedge
Smaller rising purple lines – Broken bear flag
MACD is showing us that upside momentum totally lost the power on the recent push higher, which is sign, that warning for buyers that sellers took control. Most recently, I found the breakout of the bearish flag on the 4H time-frame, which is good signal for sell. Downward targets are set at the price of 1.2780, 1.2696 and 1.2540. Watch for selling opportunities.
