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The bearish case for GBP

Let us first examine where the GBP basket is on the X and Y

Now let us see the synthetic SSI data

GBP has the highest value at 0.35

A weak EUR FX space will not help GBP either.

Look at this GBPUSD daily chart:

  1. Descending pitchfork (main)

  2. Below Monthy Pivot and Support 1

  3. Below median pitchfork line

  4. Below Schiff line (lower support)

And now some scenarios to consider:

EURGBP should be travelling north to create XABCD complete. Where D must be higher than B. See my video regarding this. We should target 0.9187 (MR3) where the retail have to be getting stopped out up there.

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