DOLLARCLUB

New swing trading channel established for GBPTHB

Long
FX_IDC:GBPTHB   BRITISH POUND / THAI BAHT
Looking at the weekly chart, over the past few weeks we have seen a steady decline, we've now found ourselves at the bottom of our RSI with a score of 30.54.

Last time we have our RSI bottom out (as highlighted above) was all the way back in October 2016, we saw a sharp Bull move which kept us trading in this channel between 42.02 - 44.94 for practically 2 years. In May we failed to break the now resistance level of 42.02 and have found ourselves dumping since.

As we all know, usually, history repeats itself. I anticipate us trading in this new channel for awhile to come.

Roughly 8% from support to resistance, a good channel to keep tabs on everyone.

Happy trading everyone! DOLLARCLUB