themarketzone

Broke below a trading channel - 1.26 next?

FX:GBPUSD   Livre sterling / Dollar américain
The UK elections are coming and GBPUSD is starting to feel the pressure.
GBPUSD broke below a daily channel and closed below the Fast daily MA line last week.
As long as GBPUSD stays below 1.3 the direction is down (in my opinion).
The next Major Buy Zone for GBPUSD is 1.26 and that can be the level in which GBPUSD will turn back higher and climb towards the completion of a bearish harmonic pattern - 1.33.

If GBPUSD will climb and close above 1.3, the chances that it'll reach 1.33 before the next bearish wave will increase dramatically.

It all comes down to the Elections results.
It is going to be choppy this week so be careful.
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