GBP/USD Technical Analysis

GBP/USD is at the verge of a breakout
The price needs to close below 1.3200
M L3/ Q L4 is the target
We could see the move below Q L4

DAILY CHART GBP/USD

Bouncing zone
The high
Entry signal
Target

Market tried to go up after the BOE rate hike but it failed as the sellers joined. Also profit taking on Friday in the GBP/USD moved the price lower and we could see that 1.3200 is in jeopardy. If the market closes below 1.3200 on H4 or Daily Time frame we could see the move down towards the next support level. M L4 is the next target. The BOE rate hike is not considered bullish but rather bearish as fears of inflation are the reason for the hike. So the BOE hiked due to inflation fears. One of the reasons why the price needs to be shorted as you could see in the chart. Already in good profits.