Weekly Forecast: GBPUSD Approaching Key Support
After forming a Head and Shoulder pattern, GBPUSD managed to break below its neckline. This week, GBPUSD failed to find support at supply/demand zone formed at previous inside bar candle. Price came back up for a retest and continued dipping.
As price is soon approaching a key support zone at 1.2000 again, we are expecting strong support at this level.
Should price be able to fall to 1.2000, we can look to buy GBPUSD again at a good price level if support holds.
As price is soon approaching a key support zone at 1.2000 again, we are expecting strong support at this level.
Should price be able to fall to 1.2000, we can look to buy GBPUSD again at a good price level if support holds.