GBPUSD 26 04 2021
During the growth in February this year, the price came to a strong resistance zone 1.416. In this zone, the resistance lines of June 2018 and March 2013 intersect. After the price tested the zone and consolidated on it, a fall began. During the fall, the price formed a downward channel. In April, it bounced off the lower border of the channel - the support line 1.368, during the growth it broke through the support of April 2020 at 1.374 and rose to the upper border of the channel. However, at that moment, there was a false breakout at point 1.389. After the breakout, the price returned to the channel, but soon a new growth began. So now the price has broken through the resistance zone of the 1.389 channel again. Since in this zone, apart from the trend line, there is also a strong line of December 2018, I expect that the second breakout will also be false. I expect prices to return to the channel and fall towards the 1.379 support line. This will be our goal.
During the growth in February this year, the price came to a strong resistance zone 1.416. In this zone, the resistance lines of June 2018 and March 2013 intersect. After the price tested the zone and consolidated on it, a fall began. During the fall, the price formed a downward channel. In April, it bounced off the lower border of the channel - the support line 1.368, during the growth it broke through the support of April 2020 at 1.374 and rose to the upper border of the channel. However, at that moment, there was a false breakout at point 1.389. After the breakout, the price returned to the channel, but soon a new growth began. So now the price has broken through the resistance zone of the 1.389 channel again. Since in this zone, apart from the trend line, there is also a strong line of December 2018, I expect that the second breakout will also be false. I expect prices to return to the channel and fall towards the 1.379 support line. This will be our goal.