GBPUSD - Long on a Short Term Movement?
Hi,
If you are looking on 4H Chart, there is a trendline which has been breached which is signaling a downtrend. Lets look at the smaller timeframe where we can decide on our next move.
I am going to the 15M chart to find another downtrend channel that could contribute to a further downfall of the GBPUSD. Note that if the channel breached the upper channel, there is a potential of reversal on the move. However, also note that the channel can be tested, pull back and trend continues.
I am going to be neutral on the long-term movement, but Long on the short-term movement.
Happy Trading!
If you are looking on 4H Chart, there is a trendline which has been breached which is signaling a downtrend. Lets look at the smaller timeframe where we can decide on our next move.
I am going to the 15M chart to find another downtrend channel that could contribute to a further downfall of the GBPUSD. Note that if the channel breached the upper channel, there is a potential of reversal on the move. However, also note that the channel can be tested, pull back and trend continues.
I am going to be neutral on the long-term movement, but Long on the short-term movement.
Happy Trading!
Trade closed: target reached:
Target Reached on 3 March 21.