💱 GBPUSD - The market is trying to change the trend
Updated
GBPUSD breaks the descending price channel, but during the momentum formation the price does not reach the key resistance and makes a U-turn to retest the previously broken boundary - a classic market maker maneuver (cheating the crowd near the limit boundary)
TA on a high timeframe:
1) False break of key support 1.23443 could form a bullish reaction
2) Trend break. Price has returned to the breakout point for a retest. If the market is bullish, the price will recover quickly enough and continue to update the highs
TA on a low timeframe:
1) False breakout of local support at 1.23598 is a strong buy signal. If the bulls hold this area, the currency pair will start to strengthen towards resistance
2) The market is struggling for the range. The task of the buyers is to hold the panic area of 1.23500-1.23600.
3) In our case it is worth waiting for the price to consolidate above 1.23600 for further growth.
Key support: 1.23600.
Key resistance: 1.23947 and 1.24650.
TA on a high timeframe:
1) False break of key support 1.23443 could form a bullish reaction
2) Trend break. Price has returned to the breakout point for a retest. If the market is bullish, the price will recover quickly enough and continue to update the highs
TA on a low timeframe:
1) False breakout of local support at 1.23598 is a strong buy signal. If the bulls hold this area, the currency pair will start to strengthen towards resistance
2) The market is struggling for the range. The task of the buyers is to hold the panic area of 1.23500-1.23600.
3) In our case it is worth waiting for the price to consolidate above 1.23600 for further growth.
Key support: 1.23600.
Key resistance: 1.23947 and 1.24650.
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