GBP/USD May fall 100+ pips
Insight - Price is maintaining the downwards trend line. Resistance at 1.2237, support at 1.1996 has broken the monthly upwards trend line and is now approaching the downward trend line that supports the monthly descending channel, which could indicate further downside.
Intraday - 4H
Trade: Sell
Sell or Below 1.1996
Target TP: 1.1936 & 1.1670
Alternative scenario:
Trade: Buy
Buy or Above: 1.1996
Target TP: 1.2237 & 1.2386
Pivot and Support 1.1996
Insight - Price is maintaining the downwards trend line. Resistance at 1.2237, support at 1.1996 has broken the monthly upwards trend line and is now approaching the downward trend line that supports the monthly descending channel, which could indicate further downside.
Intraday - 4H
Trade: Sell
Sell or Below 1.1996
Target TP: 1.1936 & 1.1670
Alternative scenario:
Trade: Buy
Buy or Above: 1.1996
Target TP: 1.2237 & 1.2386
Pivot and Support 1.1996