The GBPUSD bounced off the 1.1950 price area to approach the 1.2050 price level.
Speculation that a deal regarding the Northern Ireland border (arising from Brexit) is close to being reached has brought some renewed upside on the GBPUSD.
However, the downward pressure on the GBPUSD maintains due to the bearish trendline providing resistance to any upside move.
Whilst it'll be easier to adopt the view that the GBPUSD would reverse from the trendline, back to retest the 1.1950 support level.
Consider the possibility that the price breaks above the bearish trendline and the 1.2050 price level to trade significantly higher. This move higher is also supported by the view that the MACD is crossing over to signal a bullish change.
In terms of the target level, 1.2430 seems too high and possibly unlikely. However, 1.2260 might be a reasonable target level
Speculation that a deal regarding the Northern Ireland border (arising from Brexit) is close to being reached has brought some renewed upside on the GBPUSD.
However, the downward pressure on the GBPUSD maintains due to the bearish trendline providing resistance to any upside move.
Whilst it'll be easier to adopt the view that the GBPUSD would reverse from the trendline, back to retest the 1.1950 support level.
Consider the possibility that the price breaks above the bearish trendline and the 1.2050 price level to trade significantly higher. This move higher is also supported by the view that the MACD is crossing over to signal a bullish change.
In terms of the target level, 1.2430 seems too high and possibly unlikely. However, 1.2260 might be a reasonable target level
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