#GBP/USD Analysis

Buyers are trying to hold GBP/USD at the 1.2400 support level and are trying to push price to the top of the support area. History likes to repeat itself and this is the basis for technical analysis. If you look at my chart below, we had a First Compression, after that a Bullish Breakout Happened. Right now, we have a Second Compression, so we can expect another Bullish Breakout to happen.
✔First move (BUY) 📈
Bulls will try to push the price up to the 1.2500 psychological level which is also a resistance area.
✔Second Move (Sell)📉
Sellers will put downward pressure to push price down. this will cause more compression. we have a second compression as you can see in the charts.Price will go down to 1.2400 and even below till it reach liquidity zone at the bottom of the support area. this is also bottom of the descending channel.
✔Third Move (BUY) 📈
We may have a Second Bullish Breakout as Price will bounce from the 1.2400 support area and go higher. There will be strong bullish move as Bulls will push price up and try to break the 1.2500 resistance level upwards and push price to the third resistance level. The first target TP1 is 1.2700 level and the next target is 1.2800 resistance level.