💱 GBPUSD - Strong Support Test. Waiting for a bounce
GBPUSD is being released from the market and after a false breakdown, the price is rapidly falling towards the support of the 1.2344 range, which could push the currency pair back.
TA on high timeframe:
1) A counter-trend correction is forming and we see price falling towards the 1.24400 area
2) The price is about to test the 1-month low, which is a strong support at 1.2338. A pullback is possible.
TA on the low timeframe:
1) Price breaks the uptrend and forms a downward price channel
2) False break of resistance 1.24428 forms a strong bearish impulse.
3) In a strong decline the currency pair loses liquidity to break support, so I assume that a pullback to resistance is possible.
4) I will wait for the pullback with the further fall from the resistance area.
5) There is quite weighty news today, the market may get into a storm
Key resistance: 1.24428
Key support: 1.23443
TA on high timeframe:
1) A counter-trend correction is forming and we see price falling towards the 1.24400 area
2) The price is about to test the 1-month low, which is a strong support at 1.2338. A pullback is possible.
TA on the low timeframe:
1) Price breaks the uptrend and forms a downward price channel
2) False break of resistance 1.24428 forms a strong bearish impulse.
3) In a strong decline the currency pair loses liquidity to break support, so I assume that a pullback to resistance is possible.
4) I will wait for the pullback with the further fall from the resistance area.
5) There is quite weighty news today, the market may get into a storm
Key resistance: 1.24428
Key support: 1.23443
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