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23.08.2023 07:08 PM
The GBP/USD pair is located at 1.2716 at the time of writing. As you can see on the H1 chart, the price is moving sideways between 1.2792 (upside obstacle) and 1.2625 (downside obstacle). You knew from my previous analysis that dropping below the uptrend line announced a potential downside reversal.
The downtrend line represents an upside obstacle. As long as it stays below it, the rate could drop again at least until the 1.2625 former low. Jumping above the downtrend line and above 1.2792 former high invalidates a larger drop and indicates further growth.
Staying below the downtrend line and dropping below 1.2625 activates a larger drop and is seen as a selling opportunity.
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*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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