Hello,
The price has entered a downtrend channel, while facing a resistance level above it. Given the weak data from the UK and the challenges it faces in controlling inflation by increasing interest rates, it seems unlikely that there will be enough momentum and power to break through this level, unless it intends to test it. In order for the price to reverse back upwards, it needs to recover and move towards the established support level.
The price has entered a downtrend channel, while facing a resistance level above it. Given the weak data from the UK and the challenges it faces in controlling inflation by increasing interest rates, it seems unlikely that there will be enough momentum and power to break through this level, unless it intends to test it. In order for the price to reverse back upwards, it needs to recover and move towards the established support level.
Trade active:
At the time of sending this update, the price is testing a resistance level and I doubt that, considering the market's fundamentals, technicals, and sentiment, this level will be broken. Therefore, it is possible to open a short position within this range.