GBPUSD → Attempting a trend change. 1.257 - trigger for FX:GBPUSD by RLinda

GBPUSD → Attempting a trend change. 1.257 - trigger

is trying to take a chance for a trend change amid the dollar correction. The price is testing consolidation resistance for a breakout

On the daily timeframe, the price is consolidating above the previously broken trendline and the attempt to break the resistance is generally indicative of the market sentiment. A dollar correction could favor the pound if the index breaks 107 and heads towards 106-105.
Technically, the focus is on 1.257, a key resistance trigger. A break and price consolidation above this zone could trigger a rally.

Resistance levels: 1.2575, 1. 2718
Support levels: 1.250, 1.2377

I do not exclude the possibility of a retest of 1.250 support in order to accumulate liquidity before further growth. The dollar is likely to continue its correction after Trump's and Powell's comments on rate cuts

Regards R. Linda!

RLinda

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