GBPUSD → The fall after the breakdown will intensify

١٥ نوفمبر

GBPUSD continues to fall downwards. The price is testing the strong support at 1.267 and forms a false breakdown. The dollar is losing ground a bit in the meantime....



Theoretically, the currency pair after the false breakdown can form a correction (a trap or a crowd trick) before a further fall. Zones of interest in our case could be 1.272, 1.277, 1.28.
Fundamentally, the situation is not the best, the pressure on the pound, on the background of the dollar rally, is present more than enough, accordingly, in the medium term we should expect a continuation of the fall. The trigger for this could be a false breakdown of resistance or a breakdown of 1.267 and consolidation below this zone.

Support levels: 1.267, 1.261, 1,25
Resistance levels: 1.272, 1.277

We need to watch the price reaction to these key levels. If bears hold 1.267 and consolidate their positions below this zone, the fall will happen sooner.

Regards R. Linda!