Currently GBPUSD has made a strong impulse move up towards the 1.264 price supply zone and has trickled down in a corrective like manner.
We have a few confluences at the 1.247 price demand zone, where price is heading towards the supportive ascending trendline of the expanding wedge like pattern and where price previous ticked off from.
Using a parallel channel as a guide, we can see that it aligns well with how price is moving down correctively compared to the bullish candle just to the left.
There are 2 possible entries with one being the touch of the ascending trendline
or a breakout and retest of the parallel channel, where there is a minor support and resistance zone
We have a few confluences at the 1.247 price demand zone, where price is heading towards the supportive ascending trendline of the expanding wedge like pattern and where price previous ticked off from.
Using a parallel channel as a guide, we can see that it aligns well with how price is moving down correctively compared to the bullish candle just to the left.
There are 2 possible entries with one being the touch of the ascending trendline
or a breakout and retest of the parallel channel, where there is a minor support and resistance zone
