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GBPUSD - Counter-trend correction before further decline

2024-12-02 10:40 FOREX forecast

💡Ideas For GBPUSD 🇬🇧🇺🇸

📈 Counter-trend correction before further decline

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GBPUSD within the correction reaches a zone of interest and resistance from which the decline may resume as the dollar returns to a northbound rut...

Traders continue to fight for the 1.267 area, an area that is a strong enough support. Buyers don't have much of a chance as the dollar looks quite strong on the back of Trump's policies and is putting quite a lot of pressure on the forex market.

Technically, the downtrend is the priority and we will be pulling back from it. Key zones: 0.5 Fibo and the boundary of the downtrend. False breakout may provoke further decline

Resistance levels: 1.275, 1.284

Support levels: 1.267, 1.264

False breakout of resistance will indicate the bears' domning and may provoke further selling. It is also worth emphasizing 1.267-1.264. A breakdown and consolidation of the price below this zone will also confirm the bears' intention

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