GBPUSD ! Downward price channel. Breakdown of local support🙈

19 sie 2022

GBPUSD. The chart shows the global trend and the price movement in the channel. We can see the attempts to break through the resistance, which were not successful. The currency pair did not have the strength to consolidate in the long zone after the breakdown and even to renew the local maximum formed on August 1.

A retest of the support level 1.1938 is formed, the price breaks through this level and consolidates downwards. I think that the downward trend movement may continue.

I assume that this breakdown of the support at 1.1938 may be true and we will see the continuation of the fall. The short-term target is the support at 1.176, and the medium-term target is the support at 1.16

Regards to R. Linda!