FXtrades-gp

GBPUSD: An upcoming IMPORTANT BREAKOUT!

Short
FX:GBPUSD   British Pound / U.S. Dollar
Hi traders and welcome to my channel, if you enjoy my FREE Technical Analysis📈 and Trading Tips📉, support the idea hitting the LIKE👍 button and don't forget to SUBSCRIBE✔️ my channel, you won't miss anything!

🟢Forex Pair:
GBP/USD

Technical Analysis:
Since January 2021, the price has been following an interesting uptrend, creating a clear rising wedge pattern, bouncing many times on its dynamic S/R trendlines .
On the 21st of January the price reached a strong resistance zone at about 1.37500, following two more re-tests on the same level without strength enough to break through it.
It is currently close to its dynamic trendline and the next price action around that level will be essential to understand the next market movement.

🔴Conclusion:
In the daily perspective, the price has been following a clear uptrend since October 2020 and it's currently showing few signs of weakness.
I'm confident to see a trend correction and a breakout of its rising wedge pattern.
I'll be waiting for a breakout of its dynamic trendline before planning my short position on this trade.

Stay tuned for Updates and Trading Signals!
What's your opinion? Share your idea writing a comment!

⚠️Please note the views are not investment advice and should be used only for educational purposes⚠️

Trade Safe and Responsibly,
Gianni

Trade active: We currently reached our first take profit, we are waiting for the next price action!

Related Ideas

Comments

Same bias..Goodluck!
+1 Reply
FXtrades-gp Mzta_Kingz
@Mzta_Kingz, I'm very glad to hear that! :) feel also free to share your idea over here whenever you want! I'll be happy to have a look!
Reply
Nice idea
+1 Reply
FXtrades-gp Babenski
@Babenski many thanks 🙏
Reply
more helpful
+1 Reply
@abel11 thanks for your feedback man !
Reply
Totally agree with you
Thanks for sharing dear
+1 Reply
FXtrades-gp MMBTtrader
@MMBTtrader I’m glad to hear that ! Many thanks 🙏
Reply
Nice catch
+1 Reply
FXtrades-gp TheSignalyst
@TheSignalyst, Many thanks Rich :)
Reply
Home Stock Screener Forex Screener Crypto Screener Economic Calendar About Chart Features Pricing Refer a friend House Rules Help Center Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Blog & News Twitter
Profile Profile Settings Account and Billing Referred friends Coins My Support Tickets Help Center Private Messages Chat Sign Out