FXtrades-gp

GBPUSD: The price confirmed the pattern's BREAKOUT

Short
FX:GBPUSD   British Pound / U.S. Dollar
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🟢Forex Pair:
GBP/USD

Technical Analysis:
The 1st of February, the price finally broke (as expected in my previous analysis) the rising wedge pattern, moving down until the support zone at about 1.36400.
It re-tested few times the same level creating every time a lower high.
It is currently on the same zone and the next price action around this area will be essential to understand the next market movement.

🔴Conclusion:
I'm confident to see an upcoming strong bearish movement after a possible trend correction.
I'll be waiting for the price breaking through the current support zone before planning my short position on this trade.

Stay tuned for Updates and Trading Signals!
What's your opinion? Share your idea writing a comment!

⚠️Please note the views are not investment advice and should be used only for educational purposes⚠️

Trade Safe and Responsibly,
Gianni

Comment: If you would like to have a quick look on my previous analysis:

Related Ideas

Comments

Great analysis, I have the same opinion as you.
+1 Reply
FXtrades-gp KlejdiCuni
@KlejdiCuni, thanks and I'm glad we got the same opinion!
Reply
I'm holding the same bias on this pair. After the BoE news to maintain the interest rates as is, the strong rally rested at the trend line, completing the breakout and retest paradigm. I look forward to positive news on the US NFP report which shall potentially strengthen the dollar and thus support the impending drop to the 1.3500 areas. Good job!
+1 Reply
FXtrades-gp lovinmulika
@lovinmulika Yep ! I’d say exactly the same ! Thanks for this interesting information 👌
Reply
Possible....
Here's my view.
+1 Reply
FXtrades-gp Wealth_Comanche
@Wealth_Comanche that’s an interesting view 👌 thanks for sharing! I’ll have a proper look on you chart as well 😁
Reply
Wealth_Comanche FXtrades-gp
@FXtrades-gp, Thanks boss
Reply
Any reason for not including 1.356 as a support zone? There was heaps of strong support there first week of January.
+1 Reply
FXtrades-gp Trendymanners
@Trendymanners, Hi, that's true, that was my mistake :) thanks for sharing your thoughts! I'll update the idea
Reply
telegram available ,its amazing ,I need that one swing on the down side to confirm the pattern, Thank you
+1 Reply
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