GBPUSD got rejected from the higher timeframe downtrend line in place for years now.. In the process price completed the BIG BEARISH FLAG, which price is trading below, we have this BEARISH FLAG formed on 1h chart, which price break below on Friday and drenched back inside retesting the lower bond of the 1H chart flag.
A proper break below this FLAG will set price lower, which will bring price in contact with a resistance turn support at 1.2650, this a level a price broke above in July 2020, it will be the big pace to look out for price action in this zone, with several lower highs, a break below the 1.2650 will set price lower with target at the next level of support at 1.2250
WHILE, rejection on the 1.2650 will definitely set price higher, with our target at the next level of resistance around 1.3000.
A proper break below this FLAG will set price lower, which will bring price in contact with a resistance turn support at 1.2650, this a level a price broke above in July 2020, it will be the big pace to look out for price action in this zone, with several lower highs, a break below the 1.2650 will set price lower with target at the next level of support at 1.2250
WHILE, rejection on the 1.2650 will definitely set price higher, with our target at the next level of resistance around 1.3000.