? GBP/USD Respects Downtrend Channel and Now Challenges 1.33 ?

Hi traders,

The GBP/USD is breaking another support trend line which could spark a downtrend continuation but traders need to be aware of the big USD rate decision later today. A bearish breakout could aim at 1.30.

GBP/USD

4 hour

The GBP/USD needs to break below 1.33 and the mild angled downtrend channel before a larger bearish breakout could be expected.

1 hour

The GBP/USD broke the support trend lines (dotted blue) yesterday, which caused lots of volatility. Eventually the resistance trend lines and broken support levels held and price moved lower. The next bearish breakout is seeing price test the bearish channel. A breakout is needed before price could be in a potential wave 3.

Good trading,
Chris Svorcik
Elite CurrenSea