The US dollar strengthened yesterday, making significant adjustments in all major currencies. GBPUSD retreated from its recent high of 1.2763. Before the US session opened, it broke below the upward trend support(1) originating from mid-November, triggering a round of selling. It has gone all-the-way to a low of 1.2612, breaching last week's low of 1.2640 (2).
Daily Chart - After breaking below the upward support (1) yesterday, GBPUSD officially entered a phase of S-T adjustment. The first target of the decline, last week's low at 1.2640 (2), has been reached & breached. The next downside targets to watch are the bottom support of the upward channel(3) and 1.2535 (4). However, caution is still advised regarding releasing the minutes from the previous Federal Reserve meeting later today, as it may bring market uncertainty.
S-T Resistances
1.2750
1.2700
1.2640
Market price: 1.2638
S-T Supports
1.2600-10
1.2560
1.2535
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Daily Chart - After breaking below the upward support (1) yesterday, GBPUSD officially entered a phase of S-T adjustment. The first target of the decline, last week's low at 1.2640 (2), has been reached & breached. The next downside targets to watch are the bottom support of the upward channel(3) and 1.2535 (4). However, caution is still advised regarding releasing the minutes from the previous Federal Reserve meeting later today, as it may bring market uncertainty.
S-T Resistances
1.2750
1.2700
1.2640
Market price: 1.2638
S-T Supports
1.2600-10
1.2560
1.2535
If you like my work, please give me a thumbs up 👍.
Feel free to leave a comment; share your thoughts 🤟.
P. To
P. To
1-hour chart - The overall trend structure hasn't changed much, but it's worth noting that a new downward resistance line has formed in the past 24 hours. Furthermore, the trading range mentioned yesterday needs to adjust from 2050-2070 to 2055-2078 (2).