As I said last time, after reaching the resistance line at 1.327, the price began to fall. Now we can assume that the price has started to form a movement in a small descending channel. There have already been at least 4 touches of the channel lines - resistance and support. Since the price increased very much before entering the channel (from November 3 to November 10, it practically did not make rollbacks). Now we can assume that the price will fall. I doubt the drop will be sharp. Moreover, this channel is already visible on the chart. Therefore, now I expect the price to drop to the support line at 1.304 to begin with.
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For trades such as this gbpusd, when the channel seems to not be working, do you suggest at any point to exit near entry, as this setup has no sl. When should we assume this setup may not work. Do you offer more detail on telegram service?
KarimDeboor
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I suspect a big time droppy to occur between now and Thursdays speech. Overbought conditions, anti vax attempts and poor implementation methods, along with disturbing news at the start of next week. This will drop down to 1.27 followed by 1.25 to come back to that good old psychological level at the beginning of next year.