Trendline Pressure
Based on the GBP/USD daily chart, I see that the price is in a corrective trend after touching the rising trendline. Currently, the price is moving around the EMA 34 and EMA 89 areas, both of which are acting as dynamic support and resistance.
The black rising trendline is still holding, indicating that the long-term trend is still bullish. However, to confirm the continuation of this trend, the price needs to stay above the blue support area and break above the strong resistance in the red area. If the price breaks this resistance area, we can expect a strong rally towards the 1.3500 area.
On the other hand, if the price fails to hold above the trendline, there is a possibility of a correction down to the support area near 1.2900 before continuing the uptrend.
The black rising trendline is still holding, indicating that the long-term trend is still bullish. However, to confirm the continuation of this trend, the price needs to stay above the blue support area and break above the strong resistance in the red area. If the price breaks this resistance area, we can expect a strong rally towards the 1.3500 area.
On the other hand, if the price fails to hold above the trendline, there is a possibility of a correction down to the support area near 1.2900 before continuing the uptrend.
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