FXtrades-gp

GBPUSD: The price got a DOUBLE REJECTION on the same RESISTANCE

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

Technical Analysis:
Let's start with the weekly perspective, since the end of March 2020, the price has been following a strong uptrend without any hesitation and now it's just reached an important weekly resistance zone at about 1.36694.

In the daily perspective, since the end of September the price has been following a clear ascending channel , getting many rejections on the dynamic S/R Level of the channel, that confirmed and made the pattern valid.

In the h4 perspective, once the price got its last rejection on the dynamic resistance of the channel happened on the 4th of January, it hasn't been able to break the same level and it's now bouncing on the same resistance.
The next price action will be essential to understand the next market movement.

🔴Conclusion: ✔️
As a trend follower, I normally don't open any position against the main trend, overall there is a nice chance of trend correction and if the price will break the level at about 1.36025, you could get a great short opportunity until the support level at 1.34494.

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What's your opinion? Share your idea writing a comment!

Trade Safe and Responsibly,
Gianni

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Comments

please check 1 hour chart if it cross mini seller zone it can goes up plus usd is very week
+1 Reply
FXtrades-gp fahadfastion
@fahadfastion, Hi and thanks for your comment, actually the price is following a strong downtrend, once it will reach the level 1.35400, I'll study the price action to understand if I could open one more sell position :) what's your opinion?
Reply
fahadfastion FXtrades-gp
@FXtrades-gp, yes it will go down
Reply
Looks clean and understandable, simply amazing
+1 Reply
FXtrades-gp Investroyllc
@Investroyllc, Thanks so much guys! always a pleasure for me! :)
Reply
I wish, I saw this video earlier, I got a £700 loss, I got a buy position @ 1.36559. shall I just sell? or is it worth waiting for?
+1 Reply
@rmathew, Hi and thanks for your feedback, during the second retest on the resistance level, we got a nice rejection and I'd definitely looking for a short position once the price will break the level 1.36000 :)
Reply
rmathew FXtrades-gp
@FXtrades-gp, Thank you so much, I am following you forever :)
+1 Reply
@rmathew, I really appreciate that! for any other question, don't hesitate to ask! :) have a lovely day!
Reply
@FXtrades-gp realy nice analysis! My view is same! Check my analysis
+1 Reply
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