On the GBP/USD daily chart, “bears” managed to drag quotes below the lower border of the upward trading channel and below the 1.2512 level.
Earlier this level served as support. Now it is a key resistance line. A new support can be found at 1.24 (23.6% Fibonacci level of the last downward wave).
On the GBP/USD hourly chart, a successful test of the 1.2305 level can activate the “Shark” pattern. Its target 88.6% is located near the mark of 1,215. A breakout of the support can lead to the rise of prices towards the upper boundary of the upward trading channel (1.26).
Origin: FX BAZOOKA
