FX.co ★ dusty24 | GBP/USD

On the monthly timeframe (MN), there is an ascending channel with the price moving upwards towards the resistance at the target of 1.4000. This is the main target for the pair. At the moment and for the next 2, maybe even 3 months, there may not be signals for a real breakout above this resistance, meaning that reaching this target will indicate a bounce downwards, possibly with a deep retracement. There are also ascending channels up to the H4 timeframe, each having its intermediate levels of resistance. These levels, upon breakout, will indicate a movement towards the next resistance or a rebound and reversal. The upside target at the resistance on the H4 timeframe is 1.3560, on the D1 timeframe is 1.3780, and on the weekly timeframe is 1.3465. This level was breached on the weekly candle close, but there is no signal for a real breakout upwards on the weekly timeframe. However, this is a higher timeframe, and the movement here can last until the upper volatility at 1.3880, although it is not guaranteed. A downward bounce may occur at any resistance level of one of the higher timeframes.