Hi,
If we look at the channel on the 1h chart of GBPUSD. We can see there is a breakout following the above average result of retail sales report of the US.
The breakout can signal as the bear move for the pair and to do a sellout on the GBPUSD might be tempting. However, it is also noted that the UK also posted a good CPI report earlier.
Therefore, I am going to wait and see whether this breakout is only an overshot or a legit one. You can see that there is also drawing on a downtrend channel on the chart to get me on the insight for the next move.
Happy Trading!
If we look at the channel on the 1h chart of GBPUSD. We can see there is a breakout following the above average result of retail sales report of the US.
The breakout can signal as the bear move for the pair and to do a sellout on the GBPUSD might be tempting. However, it is also noted that the UK also posted a good CPI report earlier.
Therefore, I am going to wait and see whether this breakout is only an overshot or a legit one. You can see that there is also drawing on a downtrend channel on the chart to get me on the insight for the next move.
Happy Trading!
Trade closed: target reached
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.