FX.co ★ GBP/USD the long-awaited start of the correction

Yesterday's test of the weekly short-term limit of 1.3994 to 1.3951 obliges to close most of the long position opened in early February. This is necessary because of the increased probability of forming a deep correction. The first target of the pair's decline is the WCZ 1/4 1.3843 to 1.3833. The test of this zone will determine the plans for the second half of February.

The closing level of yesterday's trading may become the defining resistance level today. If the currency pair cannot overcome this mark, then the downward movement will develop. The probability of updating the monthly maximum is still present. In case of retesting the weekly short circuit, it will be possible to get a formed model of a false breakdown. This will require the formation of the "absorption" candle of the m30-H1 level.