💱GBPUSD - The market is preparing for a resistance breakout
GBPUSD is forming a breakout of local resistance and a retest of the key resistance. A technical pullback may be formed, but the market is ready for growth. We expect a breakout of 1.2269 and growth to the far frontier
TA on the high timeframe:
1) On D1, the market is overcoming the resistance at 1.22246, thus breaking through the base of the reversal set-up and forming pattern realization.
2) On H4 another resistance retest is formed a few days later. High chance of a breakout
TA on the low timeframe:
1) A triangular consolidation is formed within the local ascending channel
2) Price breaks the consolidation resistance
3) The level may be broken on retest of the key resistance. There will be a potential for growth
Key resistance📈: 1.2269
Key support📉: 1.2215
TA on the high timeframe:
1) On D1, the market is overcoming the resistance at 1.22246, thus breaking through the base of the reversal set-up and forming pattern realization.
2) On H4 another resistance retest is formed a few days later. High chance of a breakout
TA on the low timeframe:
1) A triangular consolidation is formed within the local ascending channel
2) Price breaks the consolidation resistance
3) The level may be broken on retest of the key resistance. There will be a potential for growth
Key resistance📈: 1.2269
Key support📉: 1.2215
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