💱GBPUSD - False Breakdown and Fibonacci Retest

Jun 29, 2023

GBPUSD is testing global support and key Fibo level. A false breakout is forming and most likely a correction may follow before a further decline on the background of a stronger dollar.

TA on the high timeframe:
1) False break-down of the strong level (May) 1.26525.
2) Price consolidation below resistance will form a good entry point for a short position
3) The price breaks the trend amid dollar strengthening

TA on a low timeframe:
1) False break of support at 1.26248. The price is testing the Fibo level of 0.382, most likely, a bounce to resistance may follow from this area
2) The price may make a false-break-down from the resistance area and go downward again.
3) The resistance area is rather wide, watch out for 1.26989, 0.236 Fibo and the previously broken channel line

Key support📉: 1.26248
Key resistance📈: 0.382 Fibo, 1.26989