I'll never understand this perspective, because I look left on the chart, and it looks like every other time it tested support, it still breaks under and drops further. There was also support at 1.1965, support at 1.2153, etc., there are always some made-up support levels we can use, but do you see how they always fail? It's a weak strategy. And even if support was respected, that doesn't mean price action is obligated to jump back to top of the downward channel. There are bigger fundamental factors raging against GBP and favoring USD, in both short and long term perspectives. Especially with BRC retail sales for GBP being released in 4 hours.
Just my opinion, of course. But I've been shorting GBPUSD with great success. Don't see a reason for a rebound or turnaround.
There was also support at 1.1965, support at 1.2153, etc., there are always some made-up support levels we can use, but do you see how they always fail? It's a weak strategy. And even if support was respected, that doesn't mean price action is obligated to jump back to top of the downward channel.
There are bigger fundamental factors raging against GBP and favoring USD, in both short and long term perspectives.
Especially with BRC retail sales for GBP being released in 4 hours.
Just my opinion, of course. But I've been shorting GBPUSD with great success. Don't see a reason for a rebound or turnaround.
Cheers.