GBPUSD is extending below March 2020 low
GBPUSDÂ has broken below the March 2020 low of 1.1411. This breakout could lead to a possible test of the 1985 low of 1.0345 if the GBPUSD does not bounce off this level or slightly lower. We can see a long-term descending wedge bottom test. 1.0800 is the level that should hold.
The weekly chart reveals a possible long-term wedge resistance but is also revealing a strong downside confirmation break candle. We need to see a bounce here or a little lower from the 1.0750-1.0800 zone.
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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 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.
