Price would need to break below the support zone of 1.3380-1.34 before the downtrend is able to continue whereas a bounce at support could indicate a potential bigger retracement within wave 2.
GBP/USD Daily Forecast - 23 May
The GBP/USD made a strong bullish rally yesterday which approached the 1.35 resistance level. Price is now testing the support trend line again but the price pattern is starting to resemble a falling wedge chart pattern.
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