According to trading experts working for Masterforex-V Academy, the current situation in the market of GBPUSD looks as follows:
1,6224 is the starting point for А h8/ В h16/20. The bearish Fibo grid is built through 1,5893 and 1,6224. The bearish targets are:
1,6145 = 23%
1,6100 = 38%
1,6060 = 50%
1,6020 = 62%
There is a chance to see a retracement down to 1,5905. The most likely bearish scenario is a move down to the top of a temporary sloping channel, which is built through 1,4812 and 1,5893.
A trend reversal is probable if the price breaks the sloping channel and forms a FZR of level h16/20. If to take into account the fact that the price has already formed a reversal wave, the downside potential is considerable. Still, the currency pair may avoid forming a major downswing, thereby resuming the recent rally.
