GBPUSD - Channel Touch Yet Again

GBPUSD after a real collapse in tandem with DXY impulse has now touched the lower channel trendline.

• This channel has now seen MANY reversals
  
  
• The daily RSI is overbought for the first time since 2020 lows.
  
  
• The 200WMA has been breached and most likely will prove to be a fakeout.
  
  
• Previous reversal was of higher degree - a W into X. ( I think)
  

I think that in consideration of these points and that the channel has not been broken yet indicates that good chance the trendline will be respected although there may be some slippery fakeout first and further downside perhaps. But either way I think a bounce is coming and will provide a better short re-entry.

Also DXY looks like its having a pull back here and so that adds more weight to the case for a GBP bounce.

Not denoting the thread "long" as I'm flat from here.

Not advice.

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Re-testing the channel with bullish div on 4H. Bounce could be coming here or after some further shenanigans.

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Nice pamp 1H getting to resistance and pushing through 50MA.

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200WMA fakeout reversal just as I said. Will short any touch 50WMA