GBPUSD → Breaking resistance, but news ahead....

6 mar 2024

GBPUSD is forging a breakout of correction channel resistance and is apparently preparing for the start of distribution.



The dollar index, in anticipation of news, is testing support. Powell's two-day discussions on interest rate, inflation and other nuances begin today. The chance is slim that they will discuss rate cuts as inflation problems are intensifying.
A currency pair before the news or at the time of increasing liquidity can reach the target we mentioned. But the news may negatively affect the GBPUSD price as the regulators may support the dollar index quite strongly.
Consolidation above 1.2685-1.27 could trigger a rise towards 1.2827

Support levels: 1.2685, 1.270
Resistance levels: 1.827

I expect growth to the above target, but on the background of news and increase in liquidity the price may return to the correction range

Regards R. Linda!

8 mar 2024

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