Technical analysis of GBP/USD 03/12/2020

GBP/USD currency pair is at a downward correction among the increased volatility.
At this point, the price is consolidating in the zone of 1.2600 at the intersection of the lower line of the channel with the Fibo’s level of 61.8%, while breaking through the MA100 and MA200 on the 1D timeframe.

This is a key support area and breaking through 1.2550 will be a trend change and a high probability of a downward movement with a target below 1.2000.
If the price does not fall below 1.2550 and shows a confident bounce of GBP from support, the probability of completing a downward correction with a growth prospect above 1.3500 remains.

GBPUSD_STPDaily

Created by Joshua Hayn

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