GBPUSD - Trend Reversal, Completion of Retracement
The rising trend for GBPUSD has shown signs of reversal since it fell from near 1.33 and broke below the bottom of its rising channel.
This is always a clear sign of the beginning of a trend reversal and the break was strong which created a new low.
The price has then retraced as it climbs gradually and is about to reach the top of another rising channel created from the retracement.
Thus, the supply zone where the retracement is most likely to be completed, coupled with 618 retracement level, could be an opportunity to sell short the GBPUSD.
This is always a clear sign of the beginning of a trend reversal and the break was strong which created a new low.
The price has then retraced as it climbs gradually and is about to reach the top of another rising channel created from the retracement.
Thus, the supply zone where the retracement is most likely to be completed, coupled with 618 retracement level, could be an opportunity to sell short the GBPUSD.