GBPUSD Falling Wedge At Major Support
Updated
A good wedge has been formed on the GBPUSD chart as shown.
Resistance and support are both tested more then a few times that shows they are confirmed well.
The blue line below is an active support since 2016, and is tested last week without breaking.
This all shows a bullish reversal for at least this wedge is possible.
The wedge and the long term support could be tested again but I'm going to enter right now.
Wedge breakout could also be possible, it depends on your kind of trading.
Thanks for reading my analysis!
Wesley
Resistance and support are both tested more then a few times that shows they are confirmed well.
The blue line below is an active support since 2016, and is tested last week without breaking.
This all shows a bullish reversal for at least this wedge is possible.
The wedge and the long term support could be tested again but I'm going to enter right now.
Wedge breakout could also be possible, it depends on your kind of trading.
Thanks for reading my analysis!
Wesley
Note
Move stops to entry now, we don’t want this to became a losing trade.This is too big for a false breakout so we’re going to be save from now on!
Note
There was a clear small bull flag before the second pump. I do notice a drop in volume which is not to great but logical after this previous action.
With a broker we're partial profit is possible, you could consider doing that.
For me, I'm not doubting the target will be reached.
We could go straight to it or some consolidation first.
Trade closed: target reached
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