FX.co ★ dusty24 | GBP/USD

Hello traders, The currency pair GBPUSD - D1 period chart. The ascending wave structure broke down as there was a slight breach below the low of the previous growth wave, and the MACD indicator is already in the oversold zone. In June of the past year, there was a trap for sellers. A beautiful large bearish divergence on the MACD indicator formed, the ascending wedge broke downwards, indicating a potential continuation of the decline, but things took a different turn. Even a mirror level was formed at the edge of the growth, where the support at 1.3490 turned into resistance. Upon testing this level from below after the breakout, prices confidently started to decline, but did not drop significantly. The descent towards the higher ascending line, which can be drawn from the beginning of this year's growth, looked promising. However, for some reason, the US dollar weakened against major world currencies, including this pair. The price again consolidated above the 1.3490 level, with the daily candle closing higher. This meant that a reversal had occurred once more, with resistance turning into support. It was clear that there was a high probability of further growth, which indeed happened. The price swiftly hit a new high, but the bearish divergence on the MACD indicator used did not disappear; instead, it became even stronger - triple. It made no sense to go long at the peak, but selling could be considered. The price was at the peak of the year, and a deep pullback seemed imminent. This is exactly what happened; last week the price declined quite confidently, unlike the euro dollar, where the decline was smaller and slower. The price reached the 1.3490 level again, with the presence of the ascending yellow line, indicating a high probability of a bounce upwards. However, there was almost no bounce; the level was broken, and the price reached the specified target line. There was a high probability of a bounce upwards from the target zone, which indeed occurred. The bounce upwards happened until the broken yellow line, which the price seems to disregard. But above, there is still a key level - the mirror level at 1.3625. I assume this is a pullback for the second wave before the third wave downwards.