As we expected, price dropped significantly and after touching 1.36 which is a strong support level (Weekly Low), it got rejected and started to retrace.
As you see in the chart, we can see bullish candles with upside pressure but there is a resistance barrier at 1.3740 which might stop price to rise and push it to the downside.
I see 1.3740 as a key level and if price gets rejected by this level, we can expect the correction is ended and price is going to be dropped again towards 1.36
On the other hand, if price breaks 1.3740 to the upside and closes a bullish candle above it, we can expect more growth on GBPUSD to 1.3880 which is the last week’s high.
Since we are still in a downtrend, I’m on the bearish side. What about you?
As you see in the chart, we can see bullish candles with upside pressure but there is a resistance barrier at 1.3740 which might stop price to rise and push it to the downside.
I see 1.3740 as a key level and if price gets rejected by this level, we can expect the correction is ended and price is going to be dropped again towards 1.36
On the other hand, if price breaks 1.3740 to the upside and closes a bullish candle above it, we can expect more growth on GBPUSD to 1.3880 which is the last week’s high.
Since we are still in a downtrend, I’m on the bearish side. What about you?
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