GBP/USD Respects Downtrend Channel and Now Challenges 1.33

Chris Svorcik Elite CurrenSea

Meta description: The GBP/USD broke the support trend lines yesterday, which caused lots of volatility. Eventually the resistance trend lines and broken support levels held and price moved lower.The GBP/USD needs to break below 1.33 before a larger bearish breakout could be expected.

GBP/USD

4 hour

The GBP/USDis breaking another support trend line which could spark a downtrend continuation but traders need to be aware of the big USD rate decision later today. A bearish breakout could aim at 1.30.

The GBP/USDneeds to break below 1.33 and the mild angled downtrend channel before a larger bearish breakout could be expected.

1 hour

The GBP/USD broke the support trend lines (dotted blue) yesterday, which caused lots of volatility. Eventually the resistance trend lines and broken support levels held and price moved lower. The next bearish breakout is seeing price test the bearish channel. A breakout is needed before price could be in a potential wave 3.

Author

Chris Svorcik

Elite CurrenSea

Experience Chris Svorcik has co-founded Elite CurrenSea in 2014 together with Nenad Kerkez, aka Tarantula FX. Chris is a technical analyst, wave analyst, trader, writer, educator, webinar speaker, and seminar speaker of the financial markets.

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