Long

GBPUSD → Waiting for a breakthrough of 1.2560

Updated

after breaking the resistance of the ascending channel leads to a retest of the line in the format of a false breakout, indicating that the market is ready to continue its growth.

The forms a false breakout of resistance and on the peculiar fundamental background opens Friday with a slight fall, which appropriately affects the strengthening of the Pound Sterling.
There is an important resistance level for the currency pair on D1: 1.2559 - 1.2560. The price is slowly and confidently approaching this area after a small pullback, which forms the third retest. The probability of resistance breakout increases with each test.

The chance of this is also increased by the exit from the previously formed channel and the formation of pre-breakout consolidation near the key resistance.
The strategy is simple: the breakthrough of resistance will be and price fixation on M5-M15 above the level will open the possibility to enter the market. (Or on a pullback (after the breakout) and on a test of 1.2560 as support.

Resistance levels: 1.2560
Support levels: 1.2525, 1.25000

I expect that the next retest of the mentioned resistance will lead to the expected breakout with the subsequent price growth towards 1.2726.

Regards R. Linda!

Note

Great. The breakout has happened
The price is updating the highs and next week, if the fundamental background does not change, the price may reach the mentioned target

RLinda

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