GBPUSD - EYEING 1.3430 BARRIER - CORRECTION LIKELY

Apr 22

Symbol - GBPUSD

CMP - 1.3406

The GBPUSD pair is gaining strength amid a broader rally driven by the ongoing decline in the US Dollar Index. This depreciation in the dollar is largely attributed to prevailing political dynamics in the United States, a shift in sentiment toward lower interest rates, and ongoing trade-related tensions. As a result, major currency pairs - particularly those within the dollar basket are experiencing upward momentum.

In this context, the British pound is appreciating and approaching a key resistance level at 1.3430, this area has not been tested since its last confirmation approximately six months ago and is characterized by significant liquidity, which may initially hinder further upward movement.

Key Resistance Level: 1.3430
Key Support Levels: 1.3292, 1.3207

Should the price approach this resistance sharply and fail to break through decisively - potentially forming a false breakout, there may be a subsequent corrective move. In such a scenario, a pullback toward the liquidity rich zone around 1.3292 could occur, especially if the pair fails to consolidate above 1.3430.

Apr 22

Trade active

CMP 1.3413

Short position opened.

Apr 23

Trade closed: target reached

CMP 1.3270

First target reached, +143 pips in profit.