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British Pound / U.S. Dollar
Updated

Descending Channel

120
GBPUSD is currently trading in a descending channel. A breakout of this channel will signify a bullish impulse. However, we'll take advantage of the current range. Short at resistance and long at support. SL should be just slightly above resistance and below support.
Note
GBPUSD is steadily following the channel. A breakout will signify a bullish impulse. However, We will take a short trade with TP at the bottom of the channel and SL just above the channel breakout.
Trade active
Alright, it is time to go short once again. Place stop loss just above the channel breakout. TP is 1.343
Trade active
It's time to go short. GBPUSD has returned to the channel. It would most likely rally to the bottom of the channel in the coming days.
Order cancelled
Aghughu
Also on:
Chart PatternsGBPUSDgbpusdsetupTrend Analysis

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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Chart PatternsGBPUSDgbpusdsetupTrend Analysis
Aghughu
Also on:

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.