GBPUSD Trade Idea - Trendline Break

Hi Traders!

We almost end the trading week with a trendline break. After failing to push through the major 12 month resistance high, we had a big momentum swing down looking to test the lowest point of May 2023 at 1.24355. We must break this level with momentum to continue down looking for further support around the 1.23448 level.

There may be another opportunity for another entry if there is a successful retest of the trendline break to continue to the downside.

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BluetonaFX

Comment:

We rallied to retest the trendline for re-entry opportunities and had a small squeeze back inside before continuing down.

1.24355 (May 2023's low) is the key level that must be broken with momentum to continue to the downside.