GbpUsd - Short-term Sell
On the H1 chart, after breaking the medium-term upward channel, we expect the price to pull back to the 23.6% retracement zone. If this zone is broken, we anticipate a decline towards the main channel resistance and a corrective upward move from the main channel. In case the main channel is broken, our first major target will be the 38.2% Fibonacci retracement zone.
Additionally, on the H4 chart, the price has been in the overbought zone on the 21-period RSI for a long time. This creates downward pressure for a pullback.
Additionally, on the H4 chart, the price has been in the overbought zone on the 21-period RSI for a long time. This creates downward pressure for a pullback.
Note
The price could continue directly to the 38.2% level without a correction. Last week's price action was as expected, moving downward, but it was weaker than anticipated. The zigzag movements occurred slightly earlier than we expected. At the beginning of this week, we might see stronger momentum.Trade closed: target reached
Price reach the TP
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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.