GBPUSD Now, the price is in a very violate condition, which results downwards movement. The pair is trying to reach the support area, which is also main support level for a long period of time looking backwards on the chart. Making a great downwards movement, results in a high chances of equal 100% retracement. The price is now heading to the support zone, which can be respected ones more and not broken for a almost a year. After reaching the support, bounce is expected because buyers are coming in and no one will let the price go extra downwards (very risky for the pair). The upwards movement which will be created will stop at the accumulation zone which is the zone represented in the middle of the chart. In that zone we can recognize a accumulation in all conditions with so exceptions. This indicates that the price will create a little channel to stabilize the price. With that formation, price will broke the channel and will go more upwards to the main resist zone.
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Support reached ! Now, expected upwards movement !