GBPUSD analysis
GBPUSD - broke out of a long term channel and has formed a new support line at 1.2046.
Analyzing the Volume Profile, there's a lot of buying/selling from the support line up to 1.2287 which appears to be new resistance.
If GBPUSD can break above 1.2287 there's little to stop it from filling the void and hitting the target price of 1.2462.
If GBPUSD breaks below the support line at 1.2046 it has the potential to hit it's all-time low of 1.1759.
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Analyzing the Volume Profile, there's a lot of buying/selling from the support line up to 1.2287 which appears to be new resistance.
If GBPUSD can break above 1.2287 there's little to stop it from filling the void and hitting the target price of 1.2462.
If GBPUSD breaks below the support line at 1.2046 it has the potential to hit it's all-time low of 1.1759.
Still learning. Please comment
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