If you have been following the regular forex updates given by Bro In Finance, you know that GBPUSD has been in a stable Major Bullish Trend line since 26th of November 2024. In a recent article we updated that the price did break this trend line and potentially will begin its new trend. And just as you can see the price did break the trend line and came rushing down.
Lets Analyze this GBPUSD Trend line BREAK!!
The Bull major trend had 6 touch points and that made this trend line so safe and strong, therefore we can assume that if and when this trend line was broken we could be seeing a rapid degrading of the GBPUSD price. If you look closely, the 6th touch point really did tried its best to break off the trend line, but it was so strong that the price did come back up and then onn the 11th of December the GBPUSD price completely broke the trend line marking the start of a new Major Trend Line and coming down with almost 150 pips.
Where the New Trend Line is headed?
So far its uncertain to say whats the trajectory of the new trend line. But we have marked with a red trend line a new trend. This newly drawn line was drawn due to it have 3 touch points. But its soon to say because the GBPUSD price ended at 1.26137 at the end of the weekly close. Therefore, we need to wait till the new week starts and give us more data to confirm the proper trajectory of the new trend line.
GBPUSD Price History
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