GBPUSD break below 1.3100 will accelerate the downside
GBPUSD’s long-term view reveals the importance of the 1.3100 level. As you can see on the quarterly chart, rejection from 1.3600 led to a swing down for a retest of the previously broken Pitchfork channel upside resistance and crucial upside support 1.3100. A confirmed break below this level would open a substantial accelerated downside extension.
The weekly chart shows a medium-term falling channel and a minor bounce of its support at 1.3030. But the pair is still below 1.3200, and as long as it is below this level, we can expect another test of 1.3030 resistance.
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On a daily chart, we can see a good RR trade opportunity Already a member? This article is so good, it’s for premium members only.
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We have used the combination of the top-down trading analysis to get these critical levels explained in the charts. Also, you can see Elliott Wave and price action analysis together in action along with the Andrews Pitchfork channel tool. If you want to learn the trading strategy that will give you immediate results in your trading register for Trader’s classroom.
