Technical analysis of GBP/USD 01/09/2019

The GBP/USD currency pair is in the upward channel on the 1D timeframe. The pair found resistance at 1.3515, after which it corrected to the area of ​​1.2900 (38.2% Fibo) and resumed the upward movement. At the moment, the price is consolidating at the lower border of the channel in the zone of the level of 1.3100.
There are reasons for the formation of a downward correction to the area of ​​1.2740 (the intersection of 50% Fibo and MA100) on the 1D timeframe. Confirmation of this option will be breaking through support of 1.2900 (38.2% Fibo) and quotes going beyond the lower border of the channel.
Cancellation of the downward correction development option will be a growth above the nearest resistance 1.3280 and will open the way for the pair to 1.3500.


Created by Joshua Hayn

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