GBPUSD → Confirmation of a trend change. The Bear Zone

2024年10月21日

GBPUSD confirms the bearish market structure. The fundamnetal factor is favorable for further decline. Since the opening of the session, the price has been testing the previously broken boundary. The market is not ready to resist the sellers yet



On the background of difficult situation in the west, the course of interest rate cuts in the UK, a pool of sell orders is forming in the zone 1.315 - 1.300. Buyers are turning around.
On Monday, in the Asian session, the retest of the previously broken trend support ended with a downward impulse, which confirms the bearish mood in the market. GBPUSD confirms the price exit from the channel.
It is possible that another retest is possible, as the dollar is forming a short-term correction, but it does not change the general essence of it

Resistance levels: 1.3044, 1.3068
Support levels: 1.300, 1.2975, 1.2938

The trigger for the continuation of the fall will be the breakdown of 1.3000 and further consolidation of the price below this zone. Additional scenario: retest of 1.3063 - 1.3075 before further fall

Rate, share your opinion and questions, let's discuss what's going on with ★ GBPUSD ;)

Regards R. Linda!

2024年11月1日

交易結束：目標達成

Target 1 reached! +200pips