Chart Of The Day: GBPUSD Slips Under Immediate TL Support, Signals Further Downside

Wed, 06 Feb 2019 12:23

Break of five-week old ascending trend-line signals brighter chances of the GBPUSD's further downside towards the 1.2900 round-figure. However, the 1.2810-1.2800 horizontal-region could confine the pair's further declines. In case sellers' keep dominating the price moves beneath 1.2800, the 1.2710 and the 1.2610 might become their favourites.

Meanwhile, multiple resistances could confine the pair's upside between the 1.3040 and the 1.3055. Should the quote rally beyond 1.3055, a downward slanting trend-line around 1.3115 seem crucial as a break of which opens the gate for the quote's rally to 1.3220.

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