themarketzone

Broke below the trading channel, testing 200 days MA line

FX_IDC:GBPUSD   POUND STERLING / US DOLLAR
Last week's sell off in $GBPUSD pushed the price back below the ascending trading channel I mentioned in my previous analyses.

The price found support on a daily support zone and also on its 200 days MA line.
1.55-1.56, the bottom of the weekly trading range is now a resistance zone and a potential target zone for possible pullback. 1.56 will also mean a testing the bottom of the trading channel (now resistance) which makes it a potential sell zone.

If the price will break below 1.54, it could continue its pullback towards the 61.8 Fib level near the figure level - 1.5

This analysis is part of the Weekly Markets Analysis newsletters

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Tomer J,
The Market Zone - You trading Edge
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