RLinda ! GBPUSD-> Correction formation after a false break

13 Sep 2022

GBPUSD is in a bearish trend and we can see that the price continues to descend within the descending price channel.

We see a global downtrend channel. The price is testing critical support points - a false breakdown of the trend line, but then the price reacts and forms a local upward correction

A reversal pattern is formed on the chart and the price breaks the resistance of the pattern and goes to test the resistance at 1.17600.

I suppose if the resistance of 1.17600 is strong, because it is worth considering the global trend, then before the test of the channel resistance, we might see a pullback from 1.17600 to the support of 1.16000, after which the growth might resume.

Regards to R.Linda!