💱 GBPUSD - Retest of a strong resistance area
GBPUSD is performing a technical pullback to the support of the channel, which was previously broken.
There is a possibility that after the retest the fall will continue
TA on high timeframe:
1) A correction is forming and price breaks support at 1.24500
2) The FED data is published today. Analysts expect positive data for the dollar. The currency pair might get weaker.
3) Closing yesterday's trading session may be seen as market's willingness to continue falling
TA on the low timeframe:
1) We have strong support of the uptrend channel, which is now resistance for us
2) Multiple border confirmations indicate a strong zone
3) The price is testing the resistance at 1.24428 and entering the resistance zone, which might push the currency pair down
4) The price is also forming a local downward resistance. Chances of a breakthrough at the moment are slim
Key resistance: 1.24428 and 1.24600
Key support: 1.24000
There is a possibility that after the retest the fall will continue
TA on high timeframe:
1) A correction is forming and price breaks support at 1.24500
2) The FED data is published today. Analysts expect positive data for the dollar. The currency pair might get weaker.
3) Closing yesterday's trading session may be seen as market's willingness to continue falling
TA on the low timeframe:
1) We have strong support of the uptrend channel, which is now resistance for us
2) Multiple border confirmations indicate a strong zone
3) The price is testing the resistance at 1.24428 and entering the resistance zone, which might push the currency pair down
4) The price is also forming a local downward resistance. Chances of a breakthrough at the moment are slim
Key resistance: 1.24428 and 1.24600
Key support: 1.24000
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