GBPUSD may have collapsed yesterday (falling to a low of 1.5490), but the move failed to break back below the former 2-month uptrend channel– a sign that the bears might not be strong enough to keep the downside momentum going. Critical support is located at 1.5490 / 00 which if broken would quickly trigger an extension move to 1.5390.
The next resistances is located a far distance away at 1.5776 (23rd May high), 1.5845 (22nd May high), 1.5954 (1st Mar pivot high).
The break of supply zone at 1.5490 (downtrend channel bottom) opens the way to 1.5458 (26th July low), 1.5405 (8th June low), 1.5390 (6th June low), then 1.5266 (13th Jan low).
MT4 - GBPUSD may have collapsed yesterday (falling to a low of 1.5490), but the move failed to break back below the former 2-month uptrend channel– a sign that the bears might not be strong enough to keep the downside momentum going. Critical support is located at 1.5490 / 00 which if broken would quickly trigger an extension move to 1.5390.
The next resistances is located a far distance away at 1.5776 (23rd May high), 1.5845 (22nd May high), 1.5954 (1st Mar pivot high).
The break of supply zone at 1.5490 (downtrend channel bottom) opens the way to 1.5458 (26th July low), 1.5405 (8th June low), 1.5390 (6th June low), then 1.5266 (13th Jan low).
MT4 platform and analysis courtesy of Swissquote bank.
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