GBPUSD / D / Price about to break Short Term Trend Line
(2020-1-14) GBPUSD is about to break the Short Term Trend Line
Hi Traders,
In this article, I will be taking a look at the potential counter trend trade on the Daily timeframe.
Previously, GBPUSD price has spiked up and retested the Daily High near 1.3382 (made in May 2019). We can see a sharp drop in price after the spike indicating a price rejection near the top. Currently price is sitting at the Short Term Trend Line.
Overall, we can say GBPUSD is still bullish on the Daily (price is still above 200MA), however, we would expect a short term price adjustment if the price closes below the Short Term TL.
Potential Targets near previous lows. (1.2950 & 1.2769)
Gordon @GoreStreetForex
Hi Traders,
In this article, I will be taking a look at the potential counter trend trade on the Daily timeframe.
Previously, GBPUSD price has spiked up and retested the Daily High near 1.3382 (made in May 2019). We can see a sharp drop in price after the spike indicating a price rejection near the top. Currently price is sitting at the Short Term Trend Line.
Overall, we can say GBPUSD is still bullish on the Daily (price is still above 200MA), however, we would expect a short term price adjustment if the price closes below the Short Term TL.
Potential Targets near previous lows. (1.2950 & 1.2769)
Gordon @GoreStreetForex
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.