Hello dear friends!
After completing wave D from the ABCD pattern, GBPUSD has started a downward trend. Currently, this currency pair is trading at 1.2117 and showing a SIDEWAY movement while receiving support from the 1.205 level.
In the short term, we can see an upward price movement for this pair. However, the prolonged downward trend over the past few months continues to exert pressure on this currency pair, with no signs of a trend reversal. It is expected that the current recovery phase will not last long as the downward trend remains clearly intact. A breakout below the current support level could push GBPUSD to a lower price level than anticipated at 1.180. As long as this currency pair continues to trade below the resistance level of 1.235, the risk of a price decline will persist.
Wishing you all good luck!
After completing wave D from the ABCD pattern, GBPUSD has started a downward trend. Currently, this currency pair is trading at 1.2117 and showing a SIDEWAY movement while receiving support from the 1.205 level.
In the short term, we can see an upward price movement for this pair. However, the prolonged downward trend over the past few months continues to exert pressure on this currency pair, with no signs of a trend reversal. It is expected that the current recovery phase will not last long as the downward trend remains clearly intact. A breakout below the current support level could push GBPUSD to a lower price level than anticipated at 1.180. As long as this currency pair continues to trade below the resistance level of 1.235, the risk of a price decline will persist.
Wishing you all good luck!
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