GBP/USD TRADING ALONG THE FALLING CHANNEL PARALLELS

GBPUSD

The rate is still trading along the lower parallels of the former broken falling channel. It has just bounced lower from the previous support/now resistance at 1.2300 and is now sitting at the 61.8% breakout target from the large broken rising wedge formation.

The immediate attention should be turned lower to the support area (1.2090-1.2150) and at the 100% breakout target around the major psychological level around 1.2000.

A break above 1.2300 would invalidate my immediate bearish bias and would signal about a retracement higher - possibly to the 1.2400 level.