GBPUSD: Pivotal Point

GBPUSD, Daily

In the Daily timeframe, GBPUSD, in a long-term bullish trend, has formed an ascending channel pattern. The price bounced off the resistance and fell to the lower trend line, testing the support and MA50. There are two scenarios to consider in this case.

• If the price breaks the trend line and MA50 at 1.2780, the fall will be to 1.2620;

• A rebound from the trend line will bring GBPUSD back to 1.3000;