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hello everyone ,,
GBPUSD appears to be in the process of carving out a top.
The first four trading sessions of last week had the market believing that the ascending channel (shown below) would continue to hold up. However Friday’s failure to hold channel support will likely have the bears smelling blood in the water.
This channel break has some very clear potential targets that line up perfectly with our Fibonacci levels, which I always love to see. The first support level to keep an eye on can be found at 1.5330. Break that and we could see a push down to 1.5105 and possibly 1.4980 if the bears can really get behind this move.
Summary: Watch for bearish price action on a retest of the area between 1.5520 and 1.5570. Key support comes in at 1.5330, 1.5105 and 1.4980.
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source
GBPUSD appears to be in the process of carving out a top.
The first four trading sessions of last week had the market believing that the ascending channel (shown below) would continue to hold up. However Friday’s failure to hold channel support will likely have the bears smelling blood in the water.
This channel break has some very clear potential targets that line up perfectly with our Fibonacci levels, which I always love to see. The first support level to keep an eye on can be found at 1.5330. Break that and we could see a push down to 1.5105 and possibly 1.4980 if the bears can really get behind this move.
Summary: Watch for bearish price action on a retest of the area between 1.5520 and 1.5570. Key support comes in at 1.5330, 1.5105 and 1.4980.
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source
