price successfully breakout the trendline support and currently move to the upside, we might have a chance to short this pair if the price manages to decelerate and bounce off from 1.316 resistance level and form a double top formation.
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GBPUSD has managed to stay above the crucial 100H EMA, which implies that the uptrend is still intact.
The dip may be considered as a temporary pullback. The area I have highlighted in my chart could be a possible buying area for targets of 1.3150 and 1.3200.
The overall market structure is still bullish and I will be looking to buy between 1.3030-1.3060...
GBPUSD find support , to start long bearish trend double top DT is required, we expect a double top in next few days.
We are long for now because we have HH and HL on H4 and health is good with good momentum. When we reach on DT we will see what price will do.
GBPUSD bounced off 1.30549 where it could potentially rise further to 1.31652.
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In the hourly chart, GBPUSD is well above the 100Hour EMA which means the uptrend is intact. Right now, I don't want to buy GBPUSD at the current market price because GBPUSD rally looks overextended to me.
However, if price pulls back towards the 100 Hour EMA then, I will be looking for a buy entry.
The area I have highlighted in my chart could be a possible...
GBPUSD reached very close to the 1.32 level but pulled back very sharply during the NY trading session on Friday.
Looking at the daily chart, GBPUSD's rally looks overstretched at the moment. So, it's likely that we can see a deep pullback in GBPUSD over the next few days.
However, we need some more confirmation before selling this. Price is still above the...
GBPUSD is trading back and forth within this rising price channel since April 2020. Currently, the price has pulled back from the upper trend line of the price channel. If we can get a bearish candle today, then there's a possibility of a drop back to the 1.2370 level by the end of August.
However, if GBPUSD breaks out of the price channel to the upside then the...