GBPUSD Double Top rejection but Support cluster below.

2 Feb 2023

The GBPUSD pair is pulling back significantly after a Double Top rejection at 1.2455. The first Support offered is within the 1D MA50 (blue trend-line) and the bottom of the Channel Up is has been trading on since October.

If that holds, we'll take it as a short-term buy back to the 1.2455 Double Top Resistance. A closing above should further extend the rally to the 1.2675 May 27 High. However a break below the Channel Up, will be a sell break-out signal, targeting the 1D MA200 (orange trend-line) with the best long-term buy beyond that level being on the 1.1845 Support.

In both cases, we will only buy any further if the June 01 2021 Lower Highs - 1W MA200 (red trend-line) Resistance Cluster breaks.

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