GBPUSD → Global bearish trend resistance retest

GBPUSD is forming a counter-trend correction phase, pound sterling strengthens amid weakening dollar index.


On D1, the price is approaching a strong resistance and liquidity area, which has multiple confirmations, indicating that this area is important for traders. The correction may be over in the area of the nearest strong level and there is a high probability that the bearish trend in GBPUSD may continue.

Resistance levels: 1.2518, 1.2570
Support levels: 1.2422, 1.2300

On the global chart earlier the currency pair broke the bullish trend structure, on D1 the trend is still bearish and the price is heading towards the channel resistance, from which the decline may resume.

Regards R. Linda!