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GBPUSD, H4 Facing Bearish Pressure.

Edited on September 9, 2021
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Preferred Case:

Price is seen to be holding below the ascending trendline support turn resistance, showing a bearish pressure. We are expecting price to potentially retrace to the pivot level in line with the ascending trendline support turn resistance and the 50% Fibonacci retracement level and push back down to the 1st Support level in line with the 78.6% Fibonacci retracement level. Our bearish bias is further supported by the price holding below the 50period MA and the MACD indicator, where the signal line crosses above the MACD line.

Alternative Case:

Alternatively, Price Could Push Up From Current Level And Potentially Reach The 1st Resistance Level In Line With The 61.8% Fibonacci Extension Level.

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