FX.co ★ GBP/USD 01.17.2020 - Broken bearish flag on the daily time-frrame, watch for selling on rallies with main target at 1.2960

GBP has been trading downwards. The price tested and rejected of the level of 1.3120. I see further downside on the GBP and potential re-test of 1.2960 and 1.2910.

The rejection of the Bollinger middle line is the early trigger for the downside. I also found potential for bearish outside candle. My advice is to watch for selling opportunities on the rallies using the hourly/4H time-frame.

MACD oscillator is showing bearish stance and reading below the zero

Major resistance is set at the price of 1.3120.

Support levels and downward targets are set at the price of 1.2960 and 1.2910.