In my previous GBP/USD analysis, I highlighted the important 1.2850 support zone.
Yesterday, the pair fell below this support; however, sellers couldn't push the price down significantly, and a strong floor was found at 1.28.
The recent drop from above 1.3 appears corrective in nature, overlapping and resembling a falling wedge with a false break below support.
Considering yesterday's price action, I anticipate a reversal.
Confirmation of this reversal comes if GBP/USD moves above 1.2870. In that case, we can consider 1.28 a low and expect the price to continue rising back above 1.3.
Yesterday, the pair fell below this support; however, sellers couldn't push the price down significantly, and a strong floor was found at 1.28.
The recent drop from above 1.3 appears corrective in nature, overlapping and resembling a falling wedge with a false break below support.
Considering yesterday's price action, I anticipate a reversal.
Confirmation of this reversal comes if GBP/USD moves above 1.2870. In that case, we can consider 1.28 a low and expect the price to continue rising back above 1.3.
Note
For clarification, bulls need the price above 1.2855-1.2865 zone
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📈 Forex & XAU/USD Channel:
t.me/intradaytradingsignals
💎 Crypto Channel:
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.