Post break from H-Channel, around 1.2254 and Fibb support lvls of 1.2235 & 1.2207 – GU pair is moving within a downward trend channel (70pips apart).
Next resistance is at 1.2179. Overall immediate outlook looks bearish unless the pair moves out from this channel or breaking from resistance lvl around 1.2235 ...
- A break from immediate support arnd 66.33-35 and 66.25 (purple bottom line in triangle), can make Rupee bullish.
- And Immediate resistance of 66.92-98, can elevate USD towards 67.07/67.22/67.45 (which will incidentally be a 3rd top).
Presently has been in this Narrow range of 66.66/66.35 to 66.90/67.07 for ...
Interesting to see a downward trend channel, and also each Jun-Jul timeline where GBP has tried to rise - but in a failing attempt. This week's candle has a support around 1.2612. A breakaway (from support) will have a serious infliction on GBP, else it will get a breather till 1.30-1.32