GBP weekly chart
  • broke the upper channel line
  • 5 fail weeks to hold above 1.66, this make the probability for retracement very high


GBP/USD Daily chart

  • price moved 100% after breaking the channel
  • Price still holding highs and making another channel, usually that's a signal of weakness


Closer look at GBP/USD 1HR chart


On the 1hr chart we can see a clear channel breakout out on the top of the daily channel border which makes a big slide in the price .
For the next week ill be looking to take a short trade targeting 1.6350 which is the bottom daily chart and 300% after breaking channel of the 1HR chart.

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