FX:GBPUSD on the daily timeframe is forming a situation that suggests a buyback, at the same time a candlestick pattern and a false breakout are forming
The currency pair is in the format of the ascending price channel. Earlier support was tested and on the background of news the market bought back the fall at 1.36 which is quite a strong reaction. After the local rally, the price is forming a correction, most likely to support or retest, which may be followed by a growth phase, coinciding with the trend direction. Moving averages form a cross and play the role of resistance, it is worth paying attention to the support area of the uptrend.
Resistance levels: 1.27275, 1.28484 Support levels: 1.26800, trend support, 1.26065 I expect the end of correction in the area of uptrend support with the subsequent strengthening of the price within the uptrend.
Definitely agree with your bias on this pair and are holding a long position as well. Thanks for sharing your work with the community and best of luck!
FOREXN1
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Let's see :) I think price may have a Deeper Retracement
AkhiPrajapati
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Awesome idea mate
Arazmajeed
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well done
Williamforex
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appreciate
TheFxAce
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This long call seems strategic. How do you deal with major market shifts?
FirstNameHelen
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I hope you are right dear, thanks for your idea
Hellena_Trade
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fantastic, you are great🌺
Gold-Tech
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Thanks for the quality explanation, good analysis)