The GBPUSD continued its bearish momentum this week, bottomed at 1.5326 and closed a little bit higher at 1.5458. We have five consecutive bearish candles on weekly chart since last week of August with over 1000 pips downside movement. From a long term perspective as you can see on my monthly chart below, price is moving inside a triangle formation indicates a consolidation phase. The lower line of the triangle which is located around 1.5000 is now being tested by the current strong bearish pressure. A clear break below the triangle and strong movement below 1.5000 could lead price to further bearish scenario testing 1.4000 area.
Have a great weekend and see you guys next week.
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