InvestMate|GBP/USD Declines Are Inevitable💷💵

💷💵GBP/USD Declines Are Inevitable

💷💵Looking at how the GBP/USD bumped upwards today on news of the latest inflation readings in the US

💷💵It may confuse some and provoke further rises.

💷💵But I believe this was the last attempt at increases before the incoming wave of falls.

💷💵Looking at the divergence that has formed on the MACD and RSI

💷💵And considering the fact that no significant correction has occurred on GBP/USD for the last weeks.

💷💵I think it would be prudent to set up a resistance zone around the recent peaks.

💷💵And the support zone remains unchanged. It has been set out in previous posts but to make it easier for you to understand I will write you again what it is based on

💷💵Support zone is around the 1.16 level, where there is a cluster of as many as three fibo levels. The first is the 0.382 level of the same wave as the first support zone . The second level is 1.272 of the entire upward wave from the 2001 bottom to the 2007 peak. The third level is 0.886 of the entire upward wave from the 1985 bottom to the 1992 peak.

💷💵The scenario I am playing out is the start of a decline and a continuation of the movement to the designated support zone. I'm aware of the possibility of a correction at any time, this should be taken into account, If the outlook changes I will publish a post with an update, so I encourage you to actively follow the profile and read the description carefully.

💷💵*Please do not suggest the path I have outlined with lines it is only a hypothetical scenario.

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