GBP/USD Technical Analysis

GBP/USD is bearish
Close below D L3 is bearish
W L3 is support
D L5 is the first target

DAILY CHART GBP/USD

Swing low
Swing high
First target
Final target

The GBP/USD is bearish. After the US holiday - Martin Luther King Dayﾂ we should expect bigger volatility. The trend is to the downside and we should see the move down. A close below the D L4 1.3618 should move the price lower to D L5 camarilla 1.3594. This is the intraday target. However, on an extended move down below the D L5, we should see the W L4 hit which is 1.3553. A move up is not expected unless the trend line breaksﾂ to the upside. The pound imminent target is the D L5.