Technical analysis of GBP/USD 07/27/2022
The GBP/USD currency pair at (4H) is in an upward correction within a downtrend.
The pair found support at 1.1760, after which it corrected to the resistance at 1.2090 (MA200), (the upper limit of the descending channel) and is currently trading around 1.2040.
If the pair manages to break through and consolidate above 1.2100, this will mean the development of an upward correction with a possible target of 1.2490 (38.2% Fibo). Convergence on the RSI indicator is in favor of the continuation of the pair’s growth.
Cancellation of the option of continuing growth will be a decrease in quotes below 1.1760, which will mean the end of the correction and the continuation of the downtrend.
Created by Joshua Hayn