GBPUSD → Consolidation in the selling zone held by bears

8 sty

GBPUSD made an attempt to grow, but could not overcome the bears' pressure zone. The reasons for the growth are the dollar correction, which was short-lived. The main trend is not broken.



On D1 the price after breaking through the key support at 1.25 tested it already as resistance within the correction. A false breakout of resistance is formed and price consolidation in the selling zone. The sharp impulse was related to the dollar, which fell after Trump's comments on rumors related to his policy. The dollar returned to the upside creating another bout of pressure on GBP.
Technically, the main trend is bearish. The price is in the selling zone and bears are not ready to give up their positions.
The risk of trend change may come after the breakout of 1.26, but it is too early to talk about it...

Resistance levels: 1.2575, 1.26
Support levels: 1.2488, 1.2449

The price is trying to consolidate in the selling zone, which generally indicates which way the market intends to go. Bears are increasing pressure and if they keep the price below 1.2488 - 1.2449, we will see a fall in the short and medium term.

Regards R. Linda!

9 sty

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