GBPUSD has been caught up between two long term patterns, a Channel Up since December 2022 and then a Channel Down that emerged after the July 14th 2023 High. Right now it is on the rising wave (dashed Channel Up) of the Channel Down and on the November 29th High got overbought on its RSI (now balanced with RSI = 58.041, MACD = 0.009, ADX = 28.423).
Our intention is to get on a validated short if the price crosses under the Channel Up and target the S1 level (TP = 1.2200). This setup will be invalidated if the price crosses over the R1 level.
See how our prior idea has worked:
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