GBP/USD: time to jump off the cliff

2. Juni 2022

As it can be interpreted from the graphical illustration, the price has been unable to break above the 1.265 zone of crucial support. Yesterday, by printing a massive bearish candle, the lower boundary of the ascending channel that is pictured on the chart was penetrated. Monitoring the price action, we can observe that currently the price is trying to complete a mild correctional move of the impulsive leg that was printed yesterday. After the correctional phase is done with, we are gonna look forward to going short and aiming for the zone of support shown on the chart. 1.25500 area of supply is the zone that we are eyeing for potential short positions.