GBPUSD → False breakout of the range boundary
Updated
GBPUSD is testing wide range resistance in the distribution phase against the backdrop of the falling dollar. The market spent energy on strong growth and there is little chance of a breakout of 1.305, a correction or consolidation may follow. GBPUSD strengthens the bullish trend, but on its way meets strong resistance - the border of the range. Within the range, the price may form a correction to the nearest liquidity zones, such as 1.297, 1.294 or 0.5 fibo.
Fundamentally, the dollar is declining amid the dovish stance of the Fed. The focus is on Friday's speech of Powell. The official's strong hints may intensify currency movements and volatility in the market.
Support levels: 1.297, 1.294, 1.292
Resistance levels: 1.3044
Technically, a reversal follows after a strong rise and a false breakdown. The range boundaries are still in place and continue to hold the price
Regards R. Linda!
Trade active
Buyers are quite aggressive and do not allow a false breakout to materialize.
After a small stop the price breaks upwards and almost reaches the target
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