GBPUSD - facing its first test to the upside
The British pound has been running in a descending channel for quite some time now - however last weeks bullish momentum lead to its first breakout in weeks. The real question is whether or not this positive momentum will continue
- The Sterling repeats similar price structures and patterns throughout it cycle which makes forecasting very black and white, so we know if this forecast doesn't play out it will continue to the downside at least until the median line of the current descending channel.
1) The breakout will be confirmed if the pound retests the previous price structure (my forecast is that it will use the descending 4 hour channel as resistance) before continuing its bounce to the next major resistance.
2) While it is hard to predict long term price action without confirmation, the next possible move will be a second impulse wave up, and the aforementioned resistance will then act as a major support.
Alternative views and analysis is always welcome and encouraged, let me know what you think :D
Goodluck to everyone for the new trading week!
Kseniya xx
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