GBPUSD@ Waiting Downside Trend line touch Resistance 1.2560
After the GBP/USD pair has made a local low at the level of 1.2275 after all the bounces FROM SUPPORT to trigger a strong rally.
The price has temporarily broken out the descending channel and tested the technical resistance seen at the level of 1.2472. Despite the bounce from the oversold market conditions, the momentum remains weak and negative as the RSI indicator currently sideways condition.
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 by 1.1980. The key long-term technical resistance is seen at the level of 1.3518. long term trend downside start from Major Resistance level 1.3520
If the price manages to break out Triple Top pattern at the level of 1.2545, so the price might go high towards 1.2800 Resistance if not break out and Pull back from downside trend line we could see move even lower in the longer-term.
🛑SUPPORT/RESISTANCE
✅S1= 1.2360
✅S2=1.2245
✴️R1=1.2460
✴️R2=1.2546
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The price has temporarily broken out the descending channel and tested the technical resistance seen at the level of 1.2472. Despite the bounce from the oversold market conditions, the momentum remains weak and negative as the RSI indicator currently sideways condition.
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 by 1.1980. The key long-term technical resistance is seen at the level of 1.3518. long term trend downside start from Major Resistance level 1.3520
If the price manages to break out Triple Top pattern at the level of 1.2545, so the price might go high towards 1.2800 Resistance if not break out and Pull back from downside trend line we could see move even lower in the longer-term.
🛑SUPPORT/RESISTANCE
✅S1= 1.2360
✅S2=1.2245
✴️R1=1.2460
✴️R2=1.2546
Please like, share, comments and follow me to get daily base analysis.
Thank you for your support, I appreciate it