GBPUSD → Channel breakout. Attempt to change the trend

6 dic

GBPUSD finds an opportunity to grow. A breakout of the local trend resistance is forming amid the dollar correction. Zones of interest: 1.300



The retest of the intermediate bottom ends with reversal candlestick patterns and market reversal structure. The big question is: How long will it last? It all depends on the dollar. The US market received negative jobless claims data yesterday, which may also affect the NFP, which will be released later today. A worse-than-expected data will intensify the dollar correction, pointing to the problems in the economy (against what Powell said recently). In such a scenario, forex currencies may get a chance for a small rally.
Technically, a channel breakout is a good signal that could turn into a strong momentum, but apparently traders are not in a hurry yet....

Resistance levels: 1.284, 1.300
Support levels: 1.272, 1.261, 1.2488

Accordingly, if a false breakout of resistance is formed and the price falls beyond 1.272, then we should expect a decline to 1.24. But at the moment there are positive signs to gain from 1.275 to 1.300 in the medium term.

Rate, share your opinion and questions, let's discuss what's going on with ★ GBPUSD ;)

Regards R. Linda!