Monthly movement, GBPUSD

FX:GBPUSD   British Pound / U.S. Dollar
205 5 4
Seems that GBPUSD             are in the thick downtrend.
Since 2009, this pair has engaged itself in ascending triangle within this downtrend, and worst of all, the price had a false break out on the upside only to be rejected by the channel top resistance.
Depend how quickly it falls, i reckon it might be 1.55000 in futures if the current triangle holds.
This was 3months ago! Do you see the the price heading to the bottom of red channel now or ..is there another smaller channel forming somewhere in between?
daily chart: its oversold for the moment. that small spike shows that buying is coming in
+1 Reply
i didnt trade this pair, bcoz i make it a point that i never trade in between unless necessary
to minimize risk
Neel_K jangseohee
ah Ok. !
but in my description above i did expect price to drop to 1.55 if the triangle holds
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