GBP/USD Is Moving to the Downside Again

As I expected, the doji candlesticks on the four-hour filter chart were an indication that GBP/USD was about to start falling again. Despite the considerable move to the upside last week the bearish trend is clearly not over yet. The pair once again reached the support at 1.4965 and bounced off of that level but that too will likely be only temporary. Should the pair break below 1.4965, we can expect a further move to the downside to the previous low at 1.4893 and then towards the support at 1.4565 which is visible on the weekly time-frame.