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British Pound / U.S. Dollar
Short

GBPUSD → Negative fundamental backdrop could break the trend

By RLinda
Updated
GBPUSD is bumping into a strong limit resistance zone lined up by sellers. As the fundamental background changes, the bears are strengthening their positions. An impulsive downward movement is forming in the market

snapshot

The opening session is formed with a gap on D1, in general this is rare in the forex market, but indicates potential. We are interested in the level of 1.271. A break of this area will be a trigger for a fall, because, in general, the short and medium-term outlook based on the fundamental background is predetermined.
Most likely, the first test of the support area will be followed by a bounce, but a retest of the support will strengthen the chances of a breakout and further decline to our target.

Resistance levels: 1.28
Support levels: 1.271, trend support

In the long term, we are waiting for a test of support and market reaction to the mentioned area. The local trend may be broken. Consolidation of the price in the selling zone will be the confirmation.

Regards R. Linda!
Note
A pre-breakdown consolidation is forming
Note
A rebound from support is forming
Trade active
Consolidation is forming, but the pair is not going up yet
Ascending ChannelChart PatternsDescending ChannelDXYFibonacci RetracementFLATFundamental AnalysisGBPUSDSupport and ResistanceTrend AnalysisTrend Line BreakZigzag
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