GBPUSD Trending Lower - Will It Drop To 1.28660?

Mar 22

GBPUSD is currently trading within a descending channel, indicating a strong bearish trend. The price has recently tested a resistance zone within the channel and appears to be rejecting it, suggesting a potential continuation to the downside.

The current market structure implies that if this rejection holds, we could see further bearish movement toward the 1.28660 level, which aligns with the lower boundary of the channel. However, if the price manages to push above the channel with strong momentum, it could signal a shift in trend, potentially leading to a bullish breakout and a move toward higher resistance levels.

Traders should look for confirmation signals such as rejection wicks, bearish engulfing candles, or increased selling volume before entering short positions.

If you agree with this analysis or have additional insights, feel free to share your thoughts!

Mar 23

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