The GBP/USD cross has experienced a bullish trend for the past day. However, it seems that this trend may be coming to an end, as described below. Forex traders can take advantage of this imminent downward movement by entering short positions at an excellent entry price.
• The technical indictors used are the Slow Stochastic, Relative Strength Index (RSI) and Williams Percent Range.
• Point 1: Relative Strength Index (RSI) signals that the price of this pair currently floats in the over-bought territory, indicating downward pressure.
• Point 2: The Slow Stochastic indicates a bearish cross, signaling that the next move may be in a downward direction.
• Point 3: The Williams Percent Range also supports the downward direction.
GBP/USD Hourly Chart
source: forexyard.com
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