GBPUSD showing Signs of Exhaustion

15 de mar. de 2021

GBPUSD appears to be losing steam. It is in a clear uptrend without a doubt, but over the next few days we could see it slide back down to retest the support level and the lower trend line. If the lower trend line is broken, we could see this retest the September of 2017 resistance level (lowest support level drawn on the chart). In September of 2017 a major resistance level was formed and it appears price is headed back down to this level which will now act as support. I hope that's not confusing, but you can see the support level drawn on the daily chart. If you zoom out, you will see that this level was resistance back in 2017.