GBPUSD → Countertrend correction before the fall

11 sept 2023

GBPUSD is forming a local reversal setup, while the dollar, from the opening of the session, is starting to form a correction

On the chart below, I pointed out the "double bottom" pattern, which has overcome the base of the pattern. The important level for us is 1.2511. If the bulls hold this area, the price may strengthen to 1.26065. The dollar index has been forming a decline and correction since the opening of the session, which appropriately affects the GBP. But again, we see only local movements, it is not worth talking about a global change of trend now, as everything remains the same. The dollar index has a strong bullish trend, while GBPUSD is changing from an uptrend to a downtrend. The price may soon test MA-50, then MA-200, which may form a false breakout of resistance.

Support levels: 1.24868, 1.23725
Resistance levels: 1.26065
I expect a correction to the nearest resistance before a further fall.

Regards R. Linda!

11 sept 2023

Nota

15 sept 2023

Nota