GBPUSD is in a short-term uptrend, which yesterday established new highs. Shortly after the setting this high there has been a decline which can be attributed to yesterday’s data on interest rates, and presented minutes of the MPC meeting.
Dynamic fall in price has led to a significant zone where coincides the trend line, horizontal support 1.2515 and the lower limit of the zone of abolition of the last impulse of growth 33-66% (bright pink rectangle).
Discussed above confluence zone is for me the last place where I would be willing to look for buying opportunities. Alternatively, the effective short-term break will turn bias to neutral and encourage me to stay away until establishment of a new trend or a next higher peak.
The above analysis was carried out on the account with a broker XM, which offers $30 to start!
