GBPUSD at long-term support

FX:GBPUSD   British Pound/U.S. Dollar
GBPUSD             sits on a long-term support line, projected at 1.4850 from minimum levels of 08.Jul and 04.Sep. 1.4850 is additionally confirmed at weekly timeframe by descending trendline from 2008.
Test and rebound from 1.4850 could be used for entering mid-term long positions targeting 1.5180/1.5200 area.
Trade active: GBPUSD tested low of 1.4812 and has already returned back to the violet channel range. Today's close above 1.4850 would confirm false breakout and likely upside scenario.
channel broken
rauan PRO kinggold
Hi kinggold,
Please remember that channel test and channel break are not the same. At the moment you were commenting instant price has declined below channel range. At the current moment it sits on the lower line. Which is right?
Look for close levels of 2, better 3, candles during the test. 1st candle close below level is a potential breakout. 2nd close is a confirmed breakout. If we have 1st close below line and 2nd close returns above it, most likely we are dealing with false breakout.
GbpUsd - Bulls - Dont hide under the rocks
+1 Reply
FxSaint FxSaint
Tomorrow is the time reversal for GBPUSD, so expecting consolidation at current level to get long. Best of Luck to everyone! Happy new year & merry Christmas to you & your family Rauan :)
+2 Reply
rauan PRO FxSaint
Thank you for the update and kind wishes. Same here to you!
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