Broke below the trading channel, testing 200 days MA line
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
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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
To read more interesting technical reviews - goo.gl/XFmdhN
To subscribe to the newsletters - goo.gl/HXjCPV