Technical analysis of GBP/USD 07/02/2020

The GBP/USD currency pair formed an upward channel on the daily timeframe. The price found support at 1.2250 (38.2% Fibo) and is currently consolidating around 1.2480 (MA100). Possible development of upward movement with a target above 1.2800 (previous maximum in the channel). Cancellation of the growth option will reduce the pair below 1.1950, which will mean breaking through the lower boundary of the channel, as well as the level of 61.8% Fibo, and may be a signal for a possible change in the trend on the daily chart with a target in the region of 1.1400 (annual minimums).



Created by Joshua Hayn

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