GBP/USD Tests Support After Breaking Upward Trendline
The current GBP/USD chart shows that after breaking the upward trendline, the pair has fallen sharply and is testing support in the 1.2840–1.2860 zone. The EMA (34) and EMA (89) are both sloping down, indicating that bearish pressure is still dominant.
However, if the price can hold this support zone and recover above 1.2900, there could be a short-term recovery to retest the previous trendline around 1.2940. This will be an important area to watch, as if selling pressure continues to increase here, there is a high possibility that the downtrend will be reinforced and the price could fall further.
However, if the price can hold this support zone and recover above 1.2900, there could be a short-term recovery to retest the previous trendline around 1.2940. This will be an important area to watch, as if selling pressure continues to increase here, there is a high possibility that the downtrend will be reinforced and the price could fall further.
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