scalony

Is GBPUSD going to beak out of channel?

Short
FX:GBPUSD   British Pound / U.S. Dollar
0
Recently Pound is showing strength and it will probably break through 1.5933 resistance. But the next resistance 1.5960 is also top of a down sloping channel. And in my opinion there is not enough steam in pound to break through this one. So I am going to short pound from 1.5960 and expect it to go back to downsloping median line . Profit target 1.58320

However noting is sure in trading so it is also possible that pound will grind through resistance 1.5960. In this scenario I will enter long with profit target set to next resistance 1.6


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.