GBP/USD Testing Strong Buying Zone, Watch for Breakout

The GBP/USD is currently moving sideways at the support line of 1.21389. The price has two options: either it decides not to break this support and continues its upward trend towards 1.22750, or it breaks the support downwards to retest the area where the previous support line, the descending monthly trend line, the 100-period moving average on the 4-hour timeframe, and the 38.20% Fibonacci level all converge. This area will be a very strong buying zone, which ranges between 1.20627 and 1.20144.

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Trade closed: target reached:

Target Reached