GBPUSD Channel Breakout

GBPUSD has pierced through the bearish channel we have pointed out yesterday and if this scenario is to come to fruition the pair is starting a new swing movement, first potential target is the 1.8000 area where we have the 38.2 Fibonacci Retracement of the last leg down and a previously tested support and resistance level. Opening a new position will depend on how aggressive each trader is, looking now on the smaller timeframes to spot for price action patterns that can signal a bullish movement or to wait until this swing is fully developed and enter on the retracement.

GBPUSD has pierced through the bearish channel we have pointed out yesterday and if this scenario is to come to fruition the pair is starting a new swing movement, first potential target is the 1.8000 area where we have the 38.2 Fibonacci Retracement of the last leg down and a previously tested support and resistance level. Opening a new position will depend on how aggressive each trader is, looking now on the smaller timeframes to spot for price action patterns that can signal a bullish movement or to wait until this swing is fully developed and enter on the retracement.

 

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