GBPUSD RECTANGLE CHANNEL
Updated
Hello Traders and Welcome,
Today, we have an exciting trading opportunity on GBPUSD. The price has shown interesting behavior around the levels of 1.2800 and 1.2600. By connecting these rejection points, we can draw two parallel lines above and below, forming a support and resistance zone.
Now, let's unlock the vault and explore the patterns that GBPUSD is showcasing. One pattern that stands out is the Rectangle Channel.
**Rectangle Channels:**
Rectangle Channels are powerful tools for identifying potential trading opportunities. They're characterized by two parallel lines that define a trading range. Price tends to bounce between these lines until a breakout occurs.
🔍 If you'd like to learn more about Rectangle Channels, feel free to visit my profile for in-depth insights.
Let's dive into two setups, one for a Long strategy and one for a Short strategy:
**Long Strategy:**
- Entry: Above the upper trend line breakout at 1.28188
- Stop Loss: Mid-channel at 1.27174
- Targets:
- 50%: 1.29227
- 100%: 1.30239
**Short Strategy:**
- Entry: Below the lower trend line breakout at 1.26211 (with confirmation)
- Stop Loss: Mid-channel at 1.27174
- Targets:
- 50%: 1.25153
- 100%: 1.24148
Before you leave, if you found any of my ideas helpful, I'd greatly appreciate your support. Don't forget to hit the "Follow" button and show some love by giving a "Like" to any of my ideas.
Stay tuned, fellow traders! Let's closely monitor how GBPUSD's Rectangle Channel unfolds. Remember, trade wisely and follow the movement of the GBPUSD Rectangle Channel closely.
Happy trading! 📈📊🚀
Today, we have an exciting trading opportunity on GBPUSD. The price has shown interesting behavior around the levels of 1.2800 and 1.2600. By connecting these rejection points, we can draw two parallel lines above and below, forming a support and resistance zone.
Now, let's unlock the vault and explore the patterns that GBPUSD is showcasing. One pattern that stands out is the Rectangle Channel.
**Rectangle Channels:**
Rectangle Channels are powerful tools for identifying potential trading opportunities. They're characterized by two parallel lines that define a trading range. Price tends to bounce between these lines until a breakout occurs.
🔍 If you'd like to learn more about Rectangle Channels, feel free to visit my profile for in-depth insights.
Let's dive into two setups, one for a Long strategy and one for a Short strategy:
**Long Strategy:**
- Entry: Above the upper trend line breakout at 1.28188
- Stop Loss: Mid-channel at 1.27174
- Targets:
- 50%: 1.29227
- 100%: 1.30239
**Short Strategy:**
- Entry: Below the lower trend line breakout at 1.26211 (with confirmation)
- Stop Loss: Mid-channel at 1.27174
- Targets:
- 50%: 1.25153
- 100%: 1.24148
Before you leave, if you found any of my ideas helpful, I'd greatly appreciate your support. Don't forget to hit the "Follow" button and show some love by giving a "Like" to any of my ideas.
Stay tuned, fellow traders! Let's closely monitor how GBPUSD's Rectangle Channel unfolds. Remember, trade wisely and follow the movement of the GBPUSD Rectangle Channel closely.
Happy trading! 📈📊🚀
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