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British Pound / U.S. Dollar
Long

GBPUSD → False breakdown leads to correction before retest

By RLinda
Updated
GBPUSD reaches the previously mentioned target of 1.2726, a false breakdown of the liquidity area is formed and apparently a correction will be formed before the retest.

snapshot

The DXY opens with a small counter-trend correction from the opening, which has a corresponding effect on the Forex market. In all probability, the index will test the previously broken resistance: 102.77, 103.06. The outlook is bearish. The pound sterlnigov will form a small correction after a false breakdown of resistance. The nearest support that can be tested before is in the area of 1.2640 - 1.2620.

Today the market expects the publication of the US GDP, in November the index rose to 4.9% against 2.1 in the previous period. Analysts expect that the index may remain unchanged at 4.9. This is the broadest indicator of economic activity and the main indicator of the state of the economy, so this fundamental factor will have a medium and long-term impact on the market.

Support levels: 1.2640, 1.2620, 1.2560
Resistance levels: 1.2726

I expect correction after a false breakdown. Retest of the support may form another bullish potential before further growth.

Regards R. Linda!
Note
snapshot

False breakdown of resistance leads to a decline.
The decline is also supported by the locally strengthening dollar.
The dollar began to strengthen on the background of higher GDP than a period earlier and also influenced by the bullish data of Initial Jobless Claims

Thus, GBPUSD is weakening on the background of news and almost reaches the target from the support side.
Note
snapshot
The currency pair is approaching a strong liquidity zone for a retest.
What are your expectations from the mentioned zones?
Ascending TriangleBeyond Technical AnalysisDXYfalsebreakoutFLATFundamental AnalysisGBPUSDTechnical IndicatorsSupport and ResistanceTrend Line BreakZigzag
RLinda
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