Technician

GBPUSD: Intraday Technical Strategy

FX:GBPUSD   British Pound/U.S. Dollar
714 3 7
Summary:
-Bullish breakout above falling wedge resistance, and 1.6580 horizontal resistance pushed for more gains
-Overall, the bearish correctional wave that started from 1.6785 is still intact(series of lower highs unbroken)
-The price is facing resistance at 1.6660 level.

Strategy:
- Although we are in a short term bullish breakout mode, short term trend remains bearish . 1.6660 should be taken to signal potential extension to 1.6715.
- Some bearish pin bars materialized below 1.6660 resistance, I would turn to the hourly chart to confirm a short, with targets at 1.6595 then 0.6565.
- If the rally extends above 1.6660 , i will be looking for short signals(pin bars) or lower time interval bearish patterns(double top, pin bars .... etc) near 1.6715 resistance area. Targets for this scenario would be at 1.6660 then 1.6600.

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imaxcare
2 years ago
Even this TL res on RSI mentioning clearly a sell setup
snapshot
Reply
Technician TOP imaxcare
2 years ago
Yes, agree, i believe we are approaching a shorting setup
Reply
muazah.utang
2 years ago
hi, potentially testing channel support 1.6505 since haven;t broken downtrendline of 1.6590 about, still waiting for right price action., Goodluck all
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