FX.co ★ bridget.franecki | TST as the Foundation for Medium-term Trading

Hello traders, I approached gbp/usd a bit differently this time. It broke out beyond the yellow trendline, but the fact that the price returned below it changes the situation back. Considering that today we have levels resembling a bearish setup, we can expect a movement according to the blue scenario towards 1.3550. However, taking into account that yesterday we had a similar situation as shown in the screenshot, with the price breaking out of the trendline and then retracing back, a plausible red scenario emerges with the price dropping below the key zone around 1.3412 and possibly even lower.