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GBPUSD → A technically weak dollar will strengthen the pair

2024-01-12 09:08 FOREX forecast

💡Ideas For GBPUSD 🇬🇧🇺🇸

📈 GBPUSD → A technically weak dollar will strengthen the pair

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GBPUSD continues to form consolidation in the ascending triangle format. Bulls are gaining strength and trying to break through the resistance zone 1.2780 - 1.2800

snapshot

The currency pair is in a global uptrend and according to a number of prerequisites this direction may continue.

If we pay attention to the DXY, we can see that the index does not react to bullish news at all and apparently due to the overheated condition the index is ready to decline. In this case, this maneuver will be favorable for the pound sterling, which can strengthen the pair.

On the chart we see an ascending channel and a pre-failure consolidation in the format of an ascending triangle. The resistance 1.2780 - 1.2800 plays a key role. Breakout of this zone and price consolidation above the level will form a bullish potential, which will confirm the breakout of the level.

Support levels: 1.2715, 1.2615

Resistance levels: 1.2780, 1.2888

I expect a breakout of resistance under the pressure of buyers on the limit resistance zone.

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