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GBPUSD is currently showing a sideways movement in a down channel. There are two possible outcomes from this scenario:
1. it breaks the upper channel line and begins a new up trend or
2. continues to move within the existing channel and goes further down
My opinion is the market will continue to go a bit lower, at least trying to test the blue channel line. Another good point of significant support level is the low of the large candle marked with a green rectangle.
Hope this view helps.
1. it breaks the upper channel line and begins a new up trend or
2. continues to move within the existing channel and goes further down
My opinion is the market will continue to go a bit lower, at least trying to test the blue channel line. Another good point of significant support level is the low of the large candle marked with a green rectangle.
Hope this view helps.
