GBP/USD has escaped from a major ascending channel. The breakdown below the uptrend line signals that we may have a down reversal. As you can see, the pair has come back higher trying to retest the broken uptrend line and the 1.3027 – 1.3143 resistance area.
Finally, the price was rejected from the resistance area, so now it could drop deeper again. The selling pressure is high as long it stays under the 1.3027 level.
- GBP/USD Trading Conclusion
I believe that a drop somewhere below 1.2840 signals a larger drop. So, we may have a selling opportunity below this level.
The downside scenario could be invalidated only by another higher high, a jump above the 1.3082 level.
The material has been provided by InstaForex Company – www.instaforex.com
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