themarketzone

Broke below a trading channel - 1.26 next?

FX:GBPUSD   Pound British/Dolar U.S
The UK elections are coming and GBPUSD             is starting to feel the pressure.
GBPUSD             broke below a daily channel and closed below the Fast daily MA line last week.
As long as GBPUSD             stays below 1.3 the direction is down (in my opinion).
The next Major Buy Zone for GBPUSD             is 1.26 and that can be the level in which GBPUSD             will turn back higher and climb towards the completion of a bearish harmonic pattern - 1.33.

If GBPUSD             will climb and close above 1.3, the chances that it'll reach 1.33 before the next bearish wave will increase dramatically.

It all comes down to the Elections results.
It is going to be choppy this week so be careful.
Read more about GBPUSD             and the UK elections in my newsletter.
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