Long term Downside trend line Hit ( 1.2620 ) Correction Time
The GBP/USD bulls have almost hit the next target which was 61% Fibonacci retracement located at the level of 1.2597. the market is now consolidating in a narrow range. Please notice, there is an important intraday technical resistance 1.2620. On the other hand, the nearest technical support is still seen at the level of 1.2510 and 1.2362. The momentum is starting to decrease and the market is coming off the overbought levels.
On the GBP/USD pair, the main trend is down, which can be confirmed by the down candles on the weekly time frame chart. The key long-term technical support has been recently violated (1.2003) and the new one is seen at the level of 1.1404 (Crush TIME) The key long-term technical resistance is seen at the level of 1.3218
🛑SUPPORT/RESISTANCE
✅S1= 1.2510
✅S2=1.2360
✴️R1=1.2620
✴️R2=1.2750
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On the GBP/USD pair, the main trend is down, which can be confirmed by the down candles on the weekly time frame chart. The key long-term technical support has been recently violated (1.2003) and the new one is seen at the level of 1.1404 (Crush TIME) The key long-term technical resistance is seen at the level of 1.3218
🛑SUPPORT/RESISTANCE
✅S1= 1.2510
✅S2=1.2360
✴️R1=1.2620
✴️R2=1.2750
Please like, share, comments and follow me to get daily base analysis.
Thank you for your support, I appreciate it.
👍 Before we start, please support this idea with your likes and comments, it is the best way to keep it relevant and support me.
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