GBPUSD → False breakdown. Low chance for a trend change

Jun 15, 2023

GBPUSD is retesting resistance at 1.26800. A false breakout is formed, which starts a technical pullback in the form of a correction to the previously broken border of the uptrend channel.

Yesterday's FOMC data has strengthened the dollar and the currency pair GBPUSD is weakening to 1.26300. Interest rate was left unchanged.
Important fundamental data is also released today:

• Core Retail Sales - weak data.
  
• Initial Jobless Claims - no data
  
• Philadelphia Fed MI - weak data expected
  
• Retail Sales - weak data expected
  

If the data proves to be correct or if it is released worse than expected, the dollar may weaken and we will see GBPUSD rising
TA: The price might test the 1.26100 area and start the next strengthening, but if it slides under and breaks the support at 1.25966, the correction will continue to 1.24868.
SMA is a strong support.



Strong resistance: 1.26800
Strong support: 1.26100, 1.25966
I expect correction to the earlier broken border of the channel, but I will expect continuation of growth from the support area.

Regards R. Linda!