GbpUsd will probably break support

The break above important 1.3 back in July proved to be a false one and after a high at 1.3150, GbpUsd dropped hard and the reversal from 1.28 support that followed was in fact a correction finalized with a very strong bearish engulfing last week, that not only engulfs the previous 2 rising candles, but also marks a new low.
Friday's and yesterday's rises are anemical and the pair is now sitting on a technically very important 1.28.
A break down at this moment looks imminent and in such an instance, 1.25 could become in focus.
Only a break above 1.3 would change this grossly bearish scenario.

Commentaire:

Gbpusd broke support as expected