💱 GBPUSD - Retest of a strong resistance area

2023年5月19日

GBPUSD is performing a technical pullback to the support of the channel, which was previously broken.
There is a possibility that after the retest the fall will continue

TA on high timeframe:
1) A correction is forming and price breaks support at 1.24500
2) The FED data is published today. Analysts expect positive data for the dollar. The currency pair might get weaker.
3) Closing yesterday's trading session may be seen as market's willingness to continue falling

TA on the low timeframe:
1) We have strong support of the uptrend channel, which is now resistance for us
2) Multiple border confirmations indicate a strong zone
3) The price is testing the resistance at 1.24428 and entering the resistance zone, which might push the currency pair down
4) The price is also forming a local downward resistance. Chances of a breakthrough at the moment are slim

Key resistance: 1.24428 and 1.24600
Key support: 1.24000