FX.co ★ dusty24 | GBP/USD

Regarding GBP/USD on Friday on the daily chart, after testing the local resistance level from bottom to top, which, according to my analysis, is located at 1.25180, the price bounced back, forming a bearish candle with relatively large shadows. It is obvious that the upward movement has slowed down, and I fully anticipate that sellers will try to push the price in the southern direction next week. As I have mentioned before, I am planning to keep an eye on the support level located at 1.22992. There could be two scenarios near this support level. The first scenario involves the price consolidating below this level and further moving south. If this plan plays out, I will be waiting for the price to move towards the support level at 1.21870. Near this support level, I will be waiting for a trading setup to form, which will help determine the further trading direction. Of course, there is a possibility of targeting more distant southern objectives, which, according to my analysis, are located at 1.20956 and 1.20371, but it will depend on the situation and how the price reacts to the designated distant southern targets. An alternative scenario for the price movement when approaching the support level at 1.22992 would be a plan involving the formation of a reversal candle and a resumption of the upward price movement. If this plan is executed, another pullback in price towards the mirror resistance level located at 1.25180 will be expected. Near this resistance level, I will continue to look for southern signals, anticipating a resumption of the downward price movement. There is also a possibility of targeting more distant northern objectives, but I am not considering them at the moment as I do not see prospects for their quick realization. In short, next week, I locally anticipate that the price may continue to be pushed in the southern direction, and near the nearest support level, I will assess the market situation.