The break above important 1.3 back in July proved to be a false one and after a high at 1.3150, GbpUsd dropped hard and the reversal from 1.28 support that followed was in fact a correction finalized with a very strong bearish engulfing last week, that not only engulfs the previous 2 rising candles, but also marks a new low.
Friday's and yesterday's rises are anemical and the pair is now sitting on a technically very important 1.28.
A break down at this moment looks imminent and in such an instance, 1.25 could become in focus.
Only a break above 1.3 would change this grossly bearish scenario.
Friday's and yesterday's rises are anemical and the pair is now sitting on a technically very important 1.28.
A break down at this moment looks imminent and in such an instance, 1.25 could become in focus.
Only a break above 1.3 would change this grossly bearish scenario.
Note
Gbpusd broke support as expected
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📈 Forex & XAU/USD Channel:
t.me/intradaytradingsignals
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t.me/FanCryptocurrency
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.