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GBP/USD TRADING ALONG THE FALLING CHANNEL PARALLELS

Short
British Pound / U.S. Dollar (FX:GBPUSD)  
TradeItSimple  
FX:GBPUSD   British Pound / U.S. Dollar
GBPUSD Descending Channel parallelslopedlines
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gbpusd descendingchannel parallelslopedlines
GBPUSD

The rate is still trading along the lower parallels of the former broken falling channel. It has just bounced lower from the previous support/now resistance at 1.2300 and is now sitting at the 61.8% breakout target from the large broken rising wedge formation.

The immediate attention should be turned lower to the support area (1.2090-1.2150) and at the 100% breakout target around the major psychological level around 1.2000.

A break above 1.2300 would invalidate my immediate bearish bias and would signal about a retracement higher - possibly to the 1.2400 level.
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