GBPUSD → False breakdown led to the beginning of correction

19 Jul 2024

GBPUSD forms a false breakdown of resistance, which leads to a change in the nature of market movement. At this time, the dollar temporarily changes course and moves to the correction phase.



GBPUSD is globally bullish. After breaking through resistance on D1, the price moves into the correction phase, which was generally logical to expect.
Ahead is the key area on H4 - 1.29 from which a rebound is possible. A reversal pattern is forming locally, but the probability of a trend change is low. In the medium term I expect a correction to 0.5-0.7 fibo with further reversal, but the long-term outlook is bullish. The reason for this movement is the unstable fundamental environment due to the presidential race in the U.S. as well as the politically dependent opinion of the Fed, as well as the forex market movements are beginning to be influenced by Trump's speeches....

Resistance levels: 1.2978
Support levels: 1.290, 1.286, 1.284

Technically, we should wait for a bounce from 1.29 by 10-20% from the current movement with the aim to continue the correction towards the mentioned support zone. Thursday's news supported the dollar, today the general fundamental background remains (no news).

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

Regards R. Linda!

19 Jul 2024

Dagangan aktif

Retest of the key support zone.
Price may enter the liquidity area in the near future

20 Jul 2024

Dagangan aktif

23 Jul 2024

Dagangan aktif

A liquidity grab is forming

24 Jul 2024

Dagangan aktif

A false breakdown is forming
Price may head towards the indicated resistance