Wednesday, February 07, 2018
GBP/USD Is Headed For The Support Trend Line OF The Channel
This week that depreciation has become a fact and I think that the pair is headed for the support trend line of the channel, its target being around 1.3670 – 1.3650. If it breaks out below this support it is possible for the depreciation to continue toward the strong support on the W1 time frame around 1.3550 – 1.3500, which is marked on the chart with a blue rectangle.
Should the pair break out below that support it could keep depreciating to 1.3000 – 1.2950.
The alternative scenario is for a rebound from the same support and a renewal of the rally within the trend channel.