GBPUSD: The price got a DOUBLE REJECTION on the same RESISTANCE
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🟢Forex Pair:
GBP/USD
⚪Technical Analysis:
Let's start with the weekly perspective, since the end of March 2020, the price has been following a strong uptrend without any hesitation and now it's just reached an important weekly resistance zone at about 1.36694.
In the daily perspective, since the end of September the price has been following a clear ascending channel, getting many rejections on the dynamic S/R Level of the channel, that confirmed and made the pattern valid.
In the h4 perspective, once the price got its last rejection on the dynamic resistance of the channel happened on the 4th of January, it hasn't been able to break the same level and it's now bouncing on the same resistance.
The next price action will be essential to understand the next market movement.
🔴Conclusion: ✔️
As a trend follower, I normally don't open any position against the main trend, overall there is a nice chance of trend correction and if the price will break the level at about 1.36025, you could get a great short opportunity until the support level at 1.34494.
Stay tuned for Updates and Trading Signals!
What's your opinion? Share your idea writing a comment!
Trade Safe and Responsibly,
Gianni
🟢Forex Pair:
GBP/USD
⚪Technical Analysis:
Let's start with the weekly perspective, since the end of March 2020, the price has been following a strong uptrend without any hesitation and now it's just reached an important weekly resistance zone at about 1.36694.
In the daily perspective, since the end of September the price has been following a clear ascending channel, getting many rejections on the dynamic S/R Level of the channel, that confirmed and made the pattern valid.
In the h4 perspective, once the price got its last rejection on the dynamic resistance of the channel happened on the 4th of January, it hasn't been able to break the same level and it's now bouncing on the same resistance.
The next price action will be essential to understand the next market movement.
🔴Conclusion: ✔️
As a trend follower, I normally don't open any position against the main trend, overall there is a nice chance of trend correction and if the price will break the level at about 1.36025, you could get a great short opportunity until the support level at 1.34494.
Stay tuned for Updates and Trading Signals!
What's your opinion? Share your idea writing a comment!
Trade Safe and Responsibly,
Gianni
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