Good day. Yesterday GBP/USD continued its downward movement, and at the moment bears still hold the initiative, although bulls are actively trying to take over. However, there is still no reason to open long positions. On the hourly chart, the sell signal has been canceled, and the buy signal has not yet appeared. At the same time, the pair is currently trying to stay within the bullish Bollinger Bands channel. If it manages to do so in the near future, there is a possibility of further movement to the north. By the way, the Bollinger Bands channel has started to narrow on the recent bearish candles, making this scenario quite probable. On the 4-hour chart, the indicators still point south, but there are bullish divergences on the lower indicators, and the Bollinger Bands channel has already hinted at the end of the downward impulse and the beginning of a local correction. Therefore, in the nearest perspective, the probability of a move to the north is more likely, especially considering the existing debts in that area.
