GBPUSD remains in a strong downtrend as it has broken below 1.3170 and 1.3050 critical support levels I mentioned in my last post. With the pair trading below 1.30 I believe we are close to a big bounce even towards 1.32 for a re-test of the breakdown levels.
In the 4 hour chart I see a downward sloping wedge being formed and combined with oversold diverging stochastic indicator the chances of a bounce are high, therefore bears must be very cautious and protect their short positions. Resistance is at 1.3020.
