💱GBPUSD - Retest resistance of the descending channel
GBPUSD forms a retest of 0.236 Fibo and the resistance area of the new descending price channel and is preparing to continue falling.
TA on high timeframe:
1) Price from resistance 1.28484 forms a correction to 0.382 fibo and enters consolidation between the nearest levels.
2) The fundamental background for the pound against the dollar takes a negative side. The Fed is not going to cut rates.
TA on the low timeframe:
1) A downward price channel is forming. The price is testing the resistance area.
2) The price makes a false-break of 0.236 Fibo and the nearest target is 0.382 - 1.26420.
3) Within the descending price channel the price may go down to 1.25450.
Key resistance📈: 1.27279
Key support📉: 1.26400, 1.25770
TA on high timeframe:
1) Price from resistance 1.28484 forms a correction to 0.382 fibo and enters consolidation between the nearest levels.
2) The fundamental background for the pound against the dollar takes a negative side. The Fed is not going to cut rates.
TA on the low timeframe:
1) A downward price channel is forming. The price is testing the resistance area.
2) The price makes a false-break of 0.236 Fibo and the nearest target is 0.382 - 1.26420.
3) Within the descending price channel the price may go down to 1.25450.
Key resistance📈: 1.27279
Key support📉: 1.26400, 1.25770
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