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RLinda
Aug 7, 2023 8:49 AM

GBPUSD → Pin-bar and reversal pattern on the support line  Long

British Pound/U.S. DollarFXCM

Description

FX:GBPUSD on the daily timeframe is forming a situation that suggests a buyback, at the same time a candlestick pattern and a false breakout are forming



The currency pair is in the format of the ascending price channel. Earlier support was tested and on the background of news the market bought back the fall at 1.36 which is quite a strong reaction.
After the local rally, the price is forming a correction, most likely to support or retest, which may be followed by a growth phase, coinciding with the trend direction.
Moving averages form a cross and play the role of resistance, it is worth paying attention to the support area of the uptrend.

Resistance levels: 1.27275, 1.28484
Support levels: 1.26800, trend support, 1.26065

I expect the end of correction in the area of uptrend support with the subsequent strengthening of the price within the uptrend.

Regards R. Linda!
Comments
jpeacockfx
Definitely agree with your bias on this pair and are holding a long position as well. Thanks for sharing your work with the community and best of luck!
FOREXN1
Let's see :) I think price may have a Deeper Retracement
AkhiPrajapati
Awesome idea mate
Arazmajeed
well done
Williamforex
appreciate
TheFxAce
This long call seems strategic. How do you deal with major market shifts?
FirstNameHelen
I hope you are right dear, thanks for your idea
Hellena_Trade
fantastic, you are great🌺
Gold-Tech
Thanks for the quality explanation, good analysis)
WalterMoon
Very nice work, I also have the same opinion
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