Technician

GBPUSD: Intraday Technical Strategy

FX:GBPUSD   Pound Sterling/U.S. Dollar
717 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.

Good luck, join me @:
https://twitter.com/thefxchannel
thefxchannel.com
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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Even this TL res on RSI mentioning clearly a sell setup
snapshot
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Yes, agree, i believe we are approaching a shorting setup
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