Good morning traders! Today we will analyze GBP/USD since it generated an interesting breakout. Last week, we analyzed this same chart when it was practically at the channel's base with a bullish forecast, which was perfectly fulfilled (you can see it in Related Ideas). Now, it is time to generate a new vision since the scenario is different.
🔸As we said previously, we see a clear breakout to the upside.
🔸The price broke not only the bearish channel but also the Resistance zone. When a resistance zone is broken, it becomes a support function.
🔸While we now consider the scenario bullish, we also believe that there may be a better buying opportunity if we wait a bit.
🔸In general, when the price breaks zones, after some time, it tests it again.
🔸That said, we expect a throwback to the broken zone, likely to happen next week.
🔸The idea is the following:
🔸If this happens and we see a clear rejection, our bullish forecast will be active. The target of this move is the next Resistance Zone.
🔸As we said previously, we see a clear breakout to the upside.
🔸The price broke not only the bearish channel but also the Resistance zone. When a resistance zone is broken, it becomes a support function.
🔸While we now consider the scenario bullish, we also believe that there may be a better buying opportunity if we wait a bit.
🔸In general, when the price breaks zones, after some time, it tests it again.
🔸That said, we expect a throwback to the broken zone, likely to happen next week.
🔸The idea is the following:
🔸If this happens and we see a clear rejection, our bullish forecast will be active. The target of this move is the next Resistance Zone.
