As expected, GBP/USD broke above the 1.2850 resistance level and surpassed 1.3.
A correction followed, and now the pair is back at support, possibly retesting this level.
However, the inability to stabilize above 1.3 and the fact that the DXY (US Dollar Index) experienced a false breakdown is not very reassuring for bulls.
A break below this support would indicate a false breakout and potentially lead to further losses.
Currently, I have a bearish bias for cable and am waiting for confirmation to open short trades.
A correction followed, and now the pair is back at support, possibly retesting this level.
However, the inability to stabilize above 1.3 and the fact that the DXY (US Dollar Index) experienced a false breakdown is not very reassuring for bulls.
A break below this support would indicate a false breakout and potentially lead to further losses.
Currently, I have a bearish bias for cable and am waiting for confirmation to open short trades.
Note
GbpUsd broke under critical supportA break up also for DXY (As expected and explained), should accelerate losses
📈 Forex & XAU/USD Channel:
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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.