RLinda ! GBPUSD -> Continuation of the fall after rollback

25 thg 8, 2022

GBPUSD is in a global downward channel. A support level of 1.176 was formed on the chart on July 14, a month later the price approaches the retest of this zone and forms a false breakdown. We see the price returning to the long zone and pulling back to resistance at 1.1938.

I think, we have a strong downtrend and weakening of the national currency, so it will probably continue, because from the technical analysis point of view, there is no reason to expect that in the nearest future we will see the change of the global trend. As the price now forms a rollback to the resistance at 1.1938, and at the same time to the lower boundary of the range, the following variant of the course of events is possible:

The price will test the resistance either by a touch or by a false breakdown and after the price fixes under the level of 1.1938, we may see a fall again. The short-term target is support at 1.176. Srdrenereso target is the support area at 1.16.

Regards R.Linda!