GBPUSD – the popular “cable” since mid-March this year is in a downward trend and has already lost more than 1350p since it set the maximum this year at 1.3380, which happened exactly 6 months ago. The current political situation in the UK and signals that the new Prime Minister Boris Johnson may be seeking hard Brexit are undoubtedly having a significant impact on the weakening of the pound and we may see further declines in the near future.

GBPUSD H4 – bullish divergence on H4

When we look at chart H4, we see that the price has rebounded from the support of the downward channel and a bullish divergence has formed on the MACD oscillator, which may indicate an upward correction. It is worth observing this pair and if at the end of the day the MACD minimum appears on the daily chart and the indicator starts to rise, you can risk opening a BUY order with a target near the resistance of the channel in which the price is currently located. Each breakout from this channel will be a sign of further declines.

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