GBPUSD STRUCTURE ANALYSIS|RESISTANCE AHEAD

5 Ağu 2020

GBPUSD is now trading within the influence of several support-resistance lines and is approaching a strong resistance area with 3 breakout attempts held.

Confluence of the support-resistance lines is forming a bullish triangle, indicating a potential further weakening of the dollar.

However, the resistance is strong enough and therefore I am bearish short term.

Also, in my recent dollar index "DXY" analysis, I am pointing out that the most significant support lines remain intact which makes the dollar surge a strong possibility.

Anyway, the short from that level will be a counter trend trade so be careful and wait for confirmation.

Thank you for reading, and have a nice day!