GBPUSD Testing Breakout Neckline, Potential Big Move Coming

Price initially broke the bearish channel back in October 9th 5.78% . Since then price has been trading above the previous trend structure, despite dropping as much as 1.5% last week. Now price is testing the support level or the neckline of the October 9th 5.78% breakout. In addition, volatility and volume has been declining over the past few days, indicating that a big move could be coming soon.


GBPUSD Testing Breakout Neckline, Potential Big Move Coming by EmpowerTrader

Trade Step-ups:

Bullish Reversal: Price rejects a bearish breakout, look for a potential bullish reversal. Profit levels to look for are 1.3090 and 1.3150 respectively.

Bearish Breakout: Price falls back into the previous channel trend. Look for consolidation below 1.2950

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