Technical analysis of GBP/USD 02/07/2020

GBP/USD currency pair has changed the way and expanded the boundaries of the upward channel on the 1D timeframe. Currently, the price is consolidating at the zone of 1.2940 at the intersection of the lower border of the channel, MA100 with the level of 38.2% Fibo.
The coincidence of factors for support at current levels suggests the completion of the downward correction and the rebound of GBP with the prospect of growth in the channel above 1.3500.
Cancellation of the growth option for the pair will be the decrease below 1.2550, what indicate the quotes are exited beyond the lower border of the channel, MA100, MA200, 61.8% Fibo and a signal to reverse the trend on the 1D timeframe.


Created by Joshua Hayn

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