GBPUSD → What are the chances of a fall after a FB? for FX:GBPUSD by RLinda

GBPUSD → What are the chances of a fall after a FB?

is testing the resistance of the downtrend, but the price does not have the strength to go beyond this range. Ahead of the news that can strengthen the downward movement....

On D1, the price is also forming a false breakdown, but relatively important level, thus confirming that the price is still in the selling zone. Ahead is the Fed rate meeting, where the interest rate is likely to remain at the same level. But the most important thing will be Powell's speech. If the official's tone is hawkish, which is the most likely scenario at the moment, the dollar will get support, which may negatively affect the GBP.
Technically, the strongest moves occur after false breakouts.

Resistance levels: 1.24887
Support levels: 1.2414, 2.2377

A retest of the trend resistance ends with a false breakout and consolidation of prices below the line... A break of the support at 1.2414 will trigger further selling. If there is no unexpected news, the currency pair may fall to 1.224

Regards R. Linda!

Trade closed: target reached

RLinda

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