LegionQ8

British Pound can exit from pennant and then around up to 1.2700

Long
FX:GBPUSD   British Pound / U.S. Dollar
Hello traders, I want share with you my opinion about British Pound. By observing the chart, we can see that the price a few days ago started to rise in an upward channel, where it first declined to the buyer zone, which coincided with the 1.2125 support level. After this, GBP bounced from this zone and rose to the resistance line of the channel, and after it reached this line it rebounded and fell to the 1.2125 level. Price some time traded near this level fell to the buyer zone and then made impulse up to the resistance line of the channel. Then GBP made a little correction to support line of the pennant and then started to rise. British Pound in a short time rose to the current support level, which coincided with the support area, thereby exiting from the channel. Then the price a little corrected and rose until to resistance line of the pennant, breaking the 1.2500 level. But a not long time ago it fell to the support line, where it continues to trade now. For this reason, I think that the British Pound can break the support line, thereby exiting from the pennant. Next, the price fall to the support area and then starts to rise. Therefore I set my target at 1.2700. Please share this idea with your friends and click Boost 🚀

🔷Join my telegram channel for free - t.me/legionq8

💰About Premium Signals Group all details you can see here - t.me/legionq8/812
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.