Long

GBPUSD → The start of a rally? A retest of support

Updated

on the back of Powell's loyal speech regarding further rate cuts, but which he has now left unchanged, and also on the back of inflation, which is falling much slower than he would like, is strengthening and updating the high to 1.279.

On D1 we see how the price reacted to the news that came out on Wednesday. Price tests the MA-200 on Tuesday and Powell accelerates the rally on Wednesday. Pretty aggressive market reaction to virtually unchanged data. Oh well. At this point, the price broke the downward resistance, which puts the market in a bullish phase. After consolidation we see the transition to the distribution mode, which may continue after the local retest of the support areas indicated on the chart. Strong bulls have come to the market again, which take advantage of the weakening
The key support area is 1.2715 - 1.2650. A retest of the support may form a false breakdown, and the subsequent consolidation above the level will form a bullish potential. Medium-term targets for further growth are resistance at 1.2784, 1.2888

Support levels: 1.2715, 1.265, 1.2615
Resistance levels: 1.2784, 1.2888

Within the framework of the emerging correction, the price may test the support before further growth. Today there is no strong news that can affect the market, in all likelihood, the bullish influence on the pair will continue.

Regards R. Linda!

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