Hello everyone, GBP/USD is on a continuous downtrend after hitting the highs
on July 14. Since then, we have witnessed more than 70 days of downtrend.
📌Currently price is in the vicinity of 1.2120 Level. More than 75% of the retail
traders are long on GBP/USD, which indicates that it could take a while
before price reverses.
📌The next key level lies in 1.18. However, as per my analysis and intuition, price
would pullback soon.
📌So, my recommendation is to wait for a reversal pattern to form in the
hourly and 4Hour chart. Ideally, I would be looking for a reversal pattern followed
by strong bullish impulse before going long. I expect price to reach 1.25 level within
a couple of weeks.
on July 14. Since then, we have witnessed more than 70 days of downtrend.
📌Currently price is in the vicinity of 1.2120 Level. More than 75% of the retail
traders are long on GBP/USD, which indicates that it could take a while
before price reverses.
📌The next key level lies in 1.18. However, as per my analysis and intuition, price
would pullback soon.
📌So, my recommendation is to wait for a reversal pattern to form in the
hourly and 4Hour chart. Ideally, I would be looking for a reversal pattern followed
by strong bullish impulse before going long. I expect price to reach 1.25 level within
a couple of weeks.
Note
Price up 50 Pips since I postedNote
128 Pips secured so far
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.
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.