GBPUSD → Pre-breakout consolidation. One step away from a rally
GBPUSD is trading in consolidation. Against the backdrop of the falling dollar index, the currency pair is testing resistance at 1.3632 but is not yet ready to bounce down.Against the backdrop of the dollar's decline due to fundamental reasons, the GBPUSD currency pair is strengthening. Technically, this could lead to the price breaking out of consolidation upwards. A pre-breakout base is forming relative to the upper boundary of consolidation. The price is compressing towards the level, volatility is decreasing, which in general could lead to a breakout of resistance - trigger 1.3632. The exit from consolidation may be accompanied by distribution. The liquidity zone with W1 can be considered as a target.
Resistance levels: 1.3632, 1.3743
Support levels: 1.3593, 1.3508
The global and local trends are bullish. After growth, consolidation is forming. Against the backdrop of the falling dollar, GBPUSD is testing resistance. The reaction to the false breakout of resistance is weak. The chances of a breakout are quite high.
Best regards, R. Linda!
Note
As an additional scenario:If the dollar changes direction (locally) and the currency pair breaks through the support level of 1.3593, the 0.5 range - 1.3508 can be considered for buying.
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🌹TRADING is a CASINO💔!?
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Join me, I'll guide you to PROFITABLE TRADING💵!
(don't copy, click on the links!)
🟢Telegram Channel: t.me/RLindaTrade
🧿 Web: rlinda.com
🔴Contact: t.me/RLindaSignals
NO‼️
Join me, I'll guide you to PROFITABLE TRADING💵!
(don't copy, click on the links!)
🟢Telegram Channel: t.me/RLindaTrade
🧿 Web: rlinda.com
🔴Contact: t.me/RLindaSignals
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.