GBPUSD → The currency pair will form a correction before the fal

28 ago 2023

GBPUSD breaks the trend support and is in the red zone, but the price may form a false breakdown and counter-trend correction before further fall

On the chart we see a global uptrend within the price channel, but at the moment of strengthening of the dollar, the currency pair gbpusd breaks the support of the trend and is in the red zone.
As part of the breakout and strong impulse, the price is testing the flat support and may form a false breakdown of 1.26065, followed by local growth either to 1.26800 or to the previously broken channel line (counter-trend correction)
Most likely, the dollar will continue to strengthen and thus weaken the pound, which will affect the chart. In the medium term, we may see a fall to the above support lines

Resistance levels: 1.26065, 1.26800
Support levels: 1.25600, 1.24868
I expect the formation of upward correction before the further fall of the price.

Regards R. Linda!