Wednesday, July 1, 2020
GBP/USD Daily Analysis
Is this a selling opportunity?
GBP/USD formed a lower low at 1.2251, June 29, 2020, and has a robust rebound. The price is clung to the descending parallel channel around 1.2400 as I am writing this short market dissect.
MACD has formed a massive divergence in the 1H chart, which raises concerns in trend reversal or market correction.
In a technical standpoint:
If 1.2402 breaks, the pair would probably leap to test the 1.2542 resistance. In case it slips, a penetration in 1.2359 support shows the market is more determined to make a new lower low than creating a new high.