GBPUSD → Pin-bar and reversal pattern on the support line

7 Agu 2023

GBPUSD on the daily timeframe is forming a situation that suggests a buyback, at the same time a candlestick pattern and a false breakout are forming



The currency pair is in the format of the ascending price channel. Earlier support was tested and on the background of news the market bought back the fall at 1.36 which is quite a strong reaction.
After the local rally, the price is forming a correction, most likely to support or retest, which may be followed by a growth phase, coinciding with the trend direction.
Moving averages form a cross and play the role of resistance, it is worth paying attention to the support area of the uptrend.

Resistance levels: 1.27275, 1.28484
Support levels: 1.26800, trend support, 1.26065
I expect the end of correction in the area of uptrend support with the subsequent strengthening of the price within the uptrend.

Regards R. Linda!