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R.Linda Trading - forecast

GBPUSD - resistance retest and false breakdown

2023-03-24 11:16 FOREX forecast

The GBPUSD is currently unable to test the resistance formed by the previous high and the price is pushing away from the local descending resistance line. What's next?

The currency pair forms a false breakout of the resistance area at 1.22700 and returns to the range. I expect in the near future techno-bounce for the retest of resistance before the further falling.
I think the pound will finish Friday with the slight decline to 1.21500.

I assume that the price can go down from the resistance level against the strengthening dollar. Short-term target for gbpusd is 1.21500, the mid-term target is the support of 1.20500.

R. Linda

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