The GBPUSD pair has been trading within a Channel Down (dotted) since the March 08 2024 High, which can be considered a Lower High on a potentially emerging (dashed) Channel Down. At the same time, the downside on the long-term is limited by a Higher Lows trend-line that was initiated on the March 08 2023 Low.
We will formulate our strategy accordingly. On the short-term we expect a rebound towards the 1D MA50 (blue trend-line) and the 0.382 Fibonacci retracement level (such as the August 30 2023 High), targeting 1.2570.
On the medium-term, we will stick to the (dotted) Channel Down, targeting the Higher Lows trend-line at 1.2300, which is also above the 0.786 Fib (the October 03 2023 Low hit it marginally).
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We will formulate our strategy accordingly. On the short-term we expect a rebound towards the 1D MA50 (blue trend-line) and the 0.382 Fibonacci retracement level (such as the August 30 2023 High), targeting 1.2570.
On the medium-term, we will stick to the (dotted) Channel Down, targeting the Higher Lows trend-line at 1.2300, which is also above the 0.786 Fib (the October 03 2023 Low hit it marginally).
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** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. **
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I trade Crypto, Forex, Indices & Commodities on PrimeXBT — all from one account with TradingView charts 👉 tradingshot.short.gy/PrimeXBT
I also use TradeNation for fixed spreads & zero commission 👉 tradingshot.short.gy/Tradenation
I also use TradeNation for fixed spreads & zero commission 👉 tradingshot.short.gy/Tradenation
Wyłączenie odpowiedzialności
Informacje i publikacje nie stanowią i nie powinny być traktowane jako porady finansowe, inwestycyjne, tradingowe ani jakiekolwiek inne rekomendacje dostarczane lub zatwierdzone przez TradingView. Więcej informacji znajduje się w Warunkach użytkowania.
I trade Crypto, Forex, Indices & Commodities on PrimeXBT — all from one account with TradingView charts 👉 tradingshot.short.gy/PrimeXBT
I also use TradeNation for fixed spreads & zero commission 👉 tradingshot.short.gy/Tradenation
I also use TradeNation for fixed spreads & zero commission 👉 tradingshot.short.gy/Tradenation
Wyłączenie odpowiedzialności
Informacje i publikacje nie stanowią i nie powinny być traktowane jako porady finansowe, inwestycyjne, tradingowe ani jakiekolwiek inne rekomendacje dostarczane lub zatwierdzone przez TradingView. Więcej informacji znajduje się w Warunkach użytkowania.