RLinda ! GBPUSD-> Breaking through trend support. What to expect

1 Şub 2023

GBPUSD is entering an uptrend correction phase. The price breaks the uptrend pattern - a reason for buyers to get nervous

On the chart the key element at the moment is the sideways range of 1.2435 - 1.2290. Earlier the price tested the support and it managed to bounce from the level and head up to the previously broken boundary. A possible retest of the uptrend channel support may confirm the beginning of the correction. If the price consolidates under the uptrend line, the potential for fall to 1.22889 and further to 1.2175 will open.

I suppose that now the price can grow to the border of the channel for confirmation of the trend break, if that happens, we should expect fall to the strong support of 1.22889

Regards R. Linda!