GBPUSD- 28Mar2022
On the weekly, GBPUSD did not follow through on the bounce last week. Price action is mixed for now as GBPUSD remains in the lower end of the channel.
On the H4, price also invalidated the uptrend channel by closing below the channel last Friday. If price confirms below 20 & 50MAs today, we could expect GBPUSD to drop lower to 1st Support at 1.31145. If not GBPUSD can bounce higher to test the descending trendline, closing above the trendline could potentially trigger an inverse h&s.
This is for personal record purposes only, not financial advise or solicitation of trade.
On the weekly, GBPUSD did not follow through on the bounce last week. Price action is mixed for now as GBPUSD remains in the lower end of the channel.
On the H4, price also invalidated the uptrend channel by closing below the channel last Friday. If price confirms below 20 & 50MAs today, we could expect GBPUSD to drop lower to 1st Support at 1.31145. If not GBPUSD can bounce higher to test the descending trendline, closing above the trendline could potentially trigger an inverse h&s.
This is for personal record purposes only, not financial advise or solicitation of trade.