GBPUSD: Small squeeze down

GBPUSD, H4

On the H4, GBPUSD has formed a descending channel pattern. The price bounced off the upper trendline, and the Stochastic came out of the overbought zone, testing the MA50. At the same time, Momentum fell below 100.0.

• We consider selling GBPUSD only on consolidation below 1.3290 and MA50 with targets to 1.3260 and further to 1.3180;