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British Pound / U.S. Dollar
Short

GBPUSD → Consolidation breakthrough. Attempt to change the trend

By RLinda
Updated
GBPUSD is coming out of the longitudinal consolidation by breaking the lower boundary. The accumulation has been forming for two months. Price breaks support, updates the low and forms a correction to the previously broken level.

snapshot

The dollar index is in a bullish phase, after updating the local high, a correction is forming and the forex market is reacting to it. Most likely the dollar index will continue its growth.
Today, at 19:00 the FOMC Bowman will speak, and the current situation on inflation and interest rate will be commented.
Technically, from the currency pair we can expect a false breakdown of 1.2615 with the subsequent decline to the levels: 1.2506, 1.2380

Resistance levels: 1.2615, 1.276
Support levels: 1.2506, 1.2380

The currency pair is forming an attempt to change the trend. If the shift is confirmed, the phase of accumulation realization (distribution) may last long enough, the strengthening of the dollar may support the GBP bearish trend.

Regards R. Linda!
Note
False break of previously broken level 1.2615 (retest phase)
Consolidation of the price below 1.2615 will form a signal
The fundamental background of GBP is weaker than that of USD, there is a chance that we may catch a fall to lower targets
Note
The currency pair on the background of the retest forms a false breakdown of the level.
But, the fundamental background of the dollar is stronger, which badly affects the currency pair.
We expect a fall to the target
Ascending ChannelChart PatternsconsolidationDXYFibonacci RetracementFLATFundamental AnalysisGBPUSDSupport and ResistanceTrend AnalysisTrend Line Break
RLinda
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