💱GBPUSD - Growth may be preceded by a decline

2023年8月7日

GBPUSD forms a false break of the support at 1.2652. The price reacts in a bullish way. A correction is forming on the market since the opening of the session. Most likely a slight decline may follow before further growth.

TA on the high timeframe:
1) Uptrend. The price is forming a correction wave, most likely the correction is directed to the support at 1.2652.
2) The price is forming a liquidity area above 1.27800, if the price further follows this area, a breakout of resistance may follow.

TA on the low timeframe:
1) Price is within the descending channel
2) Consolidation is formed below 1.27279, we are waiting for a decline to 1.27000, 1.26500.
3) As the global trend is upward and a reversal pattern has been formed, the price may return to the retest of the trend resistance, which may be followed by a breakout and growth to 1.2965.

Key support📉: 1.27000, 1.26500
Key resistance📈: 1.27279