GBPUSD: False Resistance Break Could Add to Decline

4일 전

GBPUSD Back to the liquidity test above after the free fall. The pair lacks bullish conviction amid a stable US dollar and as investors choose to wait for the Bank of England (BoE) Monetary Policy Report Hearing before placing strong bets.

A clear bearish wave is forming on the larger timeframe, on the smaller timeframe the downtrend is formed based on negative fundamentals, which only strengthened after Trump's victory. Therefore, any strong resistance can easily hold the market.

On H4, it is trying to break out of the main range, breaking the main support level. A consolidation is forming inside the channel, if sellers hold the 1.269 - 1.277 zone, we can expect a decline towards the areas of interest in the medium term.

Resistance: 1.282 - 1.277 and 1.269
Support: 1.259 - 1.247 and 1.231

The focus is on the resistance level mentioned above, as the further struggle and movement of the market depends on this important zone at this point. The bearish structure will be broken when the local high at 1.282 i.e. (0.5 fib) is broken and the price consolidates above this zone.

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