GBPUSD → False breakdown can cause growth

GBPUSD is bumping into the support of the local descending channel after a rather strong fall. The fundamental background has changed a bit, which in general gives a chance to the forex market



On the weekly chart the price is testing the strong level of 1.211 against which a double bottom is formed on a global scale. But this does not indicate a change in the global trend, no, it is just a hint of a possible rebound, but we need to watch the price reaction to this area.
The PPI that was released yesterday slightly disappointed dollar buyers, which supported the forex market and we see a small correction.
CPI is ahead, which may also support the market

Resistance levels: 1.2217, 1.235, 1.2488
Support levels: 1.213

If the bulls keep the price above the nearest resistance at 1.2217, it will give the price a chance to strengthen to the nearest resistance or to the channel resistance.

Regards R. Linda!