GBP/USD relief rally before possible move lower
Updated
Price tested 38.2 3 times and was rejected on the way up to recent highs, now expecting this level to become a strong support level and price was rejected off this friday.
Standard deviation channel has been tested 2 1/2 times on way up and held and 38.2 support coincides with bottom of regression channel. 4h heavily oversold as was daily and relief rally is necessary.
Shooting for retracement back to 50% of channel before a potential trend reversal lower.
Standard deviation channel has been tested 2 1/2 times on way up and held and 38.2 support coincides with bottom of regression channel. 4h heavily oversold as was daily and relief rally is necessary.
Shooting for retracement back to 50% of channel before a potential trend reversal lower.
Note
1.31758 at 23.6 providing resistance for 2 days, hoping to break this resistance within the next few hours.Note
broke resistance moved stop to positive,Trade closed manually
had extended targets but closed manually near centre of channel
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