GBPUSD - Bottom of channel reached... what's next?
Updated
GBPUSD fell down to the H4 chart channel support.
Looking for a signal to either buy or sell as we see at this point the instrument is consolidating at that area.
We would be looking to buy if price reaches above 1.2975; In this case we go long on the pull back to aim the top of the channel;
If channel bottom is broken convincingly, then we will look for a rally on H1 and M30 charts to go short;
Looking for a signal to either buy or sell as we see at this point the instrument is consolidating at that area.
We would be looking to buy if price reaches above 1.2975; In this case we go long on the pull back to aim the top of the channel;
If channel bottom is broken convincingly, then we will look for a rally on H1 and M30 charts to go short;
Note
Still thinking about it ... Big move coming. Stay ready!
Note
Safe to say that the channel is broken and has opened more down space.
Now looking at the W1 chart, next closest support is at 1.2770 and the next one at 1.2600. Either one of these would probably hold which will give us a chance to go short at the pullback.
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Note
Trade Closed:1st TP at 1.2700 area was hit and half of the position was closed;
2nd part of the trade went back to EP where the SL was waiting;
Now we are back into the channel and will be waiting for the next signal.
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