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michaeldobfx
Jul 27, 2020 2:55 PM

Waiting for reversal - Uptrend channel and RSI being overbought Short

British Pound / U.S. DollarFOREX.com

Description

GBP/USD is approaching a crtiical point as the RSI shows it is seriously overbought now. It's fair to assume a correction will take place, once price touches the upper trendline around 1.29 level. Note: Pay attention to USD strength - the weaker the USD, the more likely for there to be a break above the upper trendline.

NOTE: Not professional investment advice. I will not be held accountable for any losses.
Comments
DarrylK87
Do you think this could reach 1.23 level.
sottoilsetteagirare
Do you believe it can go long until the shorter term monthly trendline (jan '15-july '20)? USD seems that cannot keep up with the european currencies, as investors seem to believe that Europe is in a far more advanced stage on fighting coronavirus. I'm also watching on possible rejections on the upper trendline you are mentioning, combined with possible supply zone on 1.295. Overall though, I think we'll have to wait a bit longer for a higher probability sell opportunity.
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