The US dollar strengthened yesterday, making significant adjustments in all major currencies. GBPUSD retreated from its recent high of 1.2763. Before the US session opened, it broke below the upward trend support(1) originating from mid-November, triggering a round of selling. It has gone all the way to a low of 1.2612, breaching last week's low of 1.2640 (2).
Daily Chart - After breaking below the upward support (1) yesterday, GBPUSD officially entered a phase of S-T adjustment. The first target of the decline, last week's low at 1.2640 (2), has been reached & breached. The next downside targets to watch are the bottom support of the upward channel(3) and 1.2535 (4). However, caution is still advised regarding releasing the minutes from the previous Federal Reserve meeting later today, as it may bring market uncertainty.
S-T Resistances
1.2750
1.2700
1.2640
Market price: 1.2638
S-T Supports
1.2600-10
1.2560
1.2535
If you like my work, please give me a thumbs up 👍.
Feel free to leave a comment; share your thoughts 🤟.
P. To
Daily Chart - After breaking below the upward support (1) yesterday, GBPUSD officially entered a phase of S-T adjustment. The first target of the decline, last week's low at 1.2640 (2), has been reached & breached. The next downside targets to watch are the bottom support of the upward channel(3) and 1.2535 (4). However, caution is still advised regarding releasing the minutes from the previous Federal Reserve meeting later today, as it may bring market uncertainty.
S-T Resistances
1.2750
1.2700
1.2640
Market price: 1.2638
S-T Supports
1.2600-10
1.2560
1.2535
If you like my work, please give me a thumbs up 👍.
Feel free to leave a comment; share your thoughts 🤟.
P. To
P. To