FX.co ★ GBP/USD analysis for 01.03.2020 - The breakout of the Pitchfork upward channel and new down cycle on the way

GBP/USD has been trading downside. The price tested the level of 1.3060 I found breakout of the upward channel in the background and potential C wave in creation, which is sign that sellers are in control.

My advice is to watch for selling opportunities on the rallies using intraday-frames 5/15 minutes. The downward targets are set at the price of 1.2915 and 1.2790

MACD oscillator is showing increase on the downside momentum, which is good confirmation for the further downside...

Resistance levels and upward targets are seen at the price of 1.3120 and 1.3157.

Support levels are set at the price of 1.2915 and at the price of 1.2790