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GBP/USD: Ongoing bearish outlook - Westpac

FXStreet (Bali) - According to David Coloretti, CMT, FX Strategist at Westpac, GBPUSD continues to show an ongoing bearish outlook.

Key Quotes

"While the MT USD rally has become bumpy in some major pairs, it has remained impulsive and directional in GBPUSD. In fact GBPUSD has triggered further negatives that confirm an ongoing bearish outlook."

"Last week’s close, below the 61.8% retracement at 1.5722, confirms a likely reversal of the entire rally that began in 2013. While weekly closes remain below 1.5722, this targets 1.4800/50 multi-month."

"Recent negative triggers in MACD and momentum also provide fresh information, confirming the negative triggers in price. Conservatively we target trend support (triangle support) at 1.5200/50 in the coming weeks / months."

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