GBPUSD has entered a correction phase after breaking through the local downtrend. If the price remains in the 1.3450–1.346 zone, this will confirm the formation of a new trading range...The market is entering a correction phase due to the dollar. A countertrend retest of the support zone is forming. Earlier, the currency pair broke the local trend and is entering a flat phase. The retest of support may end with a recovery. If, within the local movement and after a false breakout of the 1.345 - 1.3467 zone, the bulls keep the price above the buying zone, then in the short and medium term, we can expect growth to continue.
Support levels: 1.3467, 1.345
Resistance levels: 1.35, 1.3584
A false breakdown of support at 1.3467 will confirm a change in the local trend (correction). The market may return to the recovery phase of the global trend.
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The dollar index formed a false breakout of resistance at 97.24 (you can open the chart and see for yourself). If the dollar starts to fall against this backdrop, the pound sterling will have a chance to rise.
Focus on the current situation: if the decline does not continue, the price will begin to consolidate in the 0.7 - 0.79 zone, followed by a breakout of resistance at 1.3467 and consolidation in the buying zone, then the chances of growth will resume.
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🌹TRADING is a CASINO💔!?
NO‼️
Join me, I'll guide you to PROFITABLE TRADING💵!
(don't copy, click on the links!)
🟢Telegram Channel: t.me/RLindaTrade
🧿 Web: rlinda.com
🔴Contact: t.me/RLindaSignals
NO‼️
Join me, I'll guide you to PROFITABLE TRADING💵!
(don't copy, click on the links!)
🟢Telegram Channel: t.me/RLindaTrade
🧿 Web: rlinda.com
🔴Contact: t.me/RLindaSignals
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.