On the Weekly time frame, the last two daily candles closed below the EMA-200 dynamic support in a descending price channel within a monthly falling wedge.
There was a breakout of the falling wedge which under normal circumstances would have been a bullish start at the base of it, but this decline was as a result of the rising DXY index over the week past.
The retest into the wedge by the last daily candle was resisted by the EMA-200 support. This signifies huge declines in the coming days. The upside swing of the DXY index is also evident backing further declines of the GBPUSD.
Resistance: 1.25331
Support: 1.23083,
1.22743,
1.21523
There was a breakout of the falling wedge which under normal circumstances would have been a bullish start at the base of it, but this decline was as a result of the rising DXY index over the week past.
The retest into the wedge by the last daily candle was resisted by the EMA-200 support. This signifies huge declines in the coming days. The upside swing of the DXY index is also evident backing further declines of the GBPUSD.
Resistance: 1.25331
Support: 1.23083,
1.22743,
1.21523
