GBPUSD aiming at a new Low within the Bearish Megaphone.

GBPUSD failed to break above the 1D MA50 (blue trend-line) and the 0.5 Fibonacci retracement level last week and as a result the market lost confidence and resumed the long-term bearish trend. That has been within a Bearish Megaphone pattern since July 2021.

The selling fractal since February 17 resembles the sequence of late October – early December 2021. The pair also failed to break above the 1D MA50 and the 0.5 Fib after a short-term rebound, and eventually made a new Megaphone Lower Low on the 1.382 Fibonacci extension. That extension is currently at 1.2750. Only a break above the 1D MA50 can be treated as a short-term buy aimed at the 1D MA200 (orange trend-line).

*Note: The RSI has been under Lower Highs since January 13.

Tradingview link:

https://www.tradingview.com/chart/GBPUSD/eAruR9Js-GBPUSD-aiming-at-a-new-Low-within-the-Bearish-Megaphone