GBP/USD STRUCTURE ANALYSIS|

24 lug 2020

The pair has broken out of the range and hit a new horizontal resistance.

Paired with the fact that the Dollar Index hit a support on it's own and I say is not gonna break it easily, a return to the new support is likely.

However, the pair is generally in an uptrend and is now trading in an upward narrowing channel.

Thus, if there is a breakout up, then a long will have high probability.

If the level stands, however, it will take the channel support breakout for the new horizontal support to be reached.
After that, a long will be reasonable.

Several trading opportunities might present itself around this level, one just has to be looking carefully at the price action.

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