On my 21 of July GbpUsd analysis, I said that the pair can rise to the 1.24 zone, drawing attention to the falling wedge formation.
Indeed, the pair broke above the falling trend line resistance just under 1.23 and reversed.
The long-term trend is bearish and the rise from the recent 1.1750 bottom is corrective in nature.
Yesterday's reversal can be the first sign of the end of this correction and the pair can be ready to resume its long-term trend.
That being said I will look to sell rallies in search of a good R: R, considering negation above 1.24
Indeed, the pair broke above the falling trend line resistance just under 1.23 and reversed.
The long-term trend is bearish and the rise from the recent 1.1750 bottom is corrective in nature.
Yesterday's reversal can be the first sign of the end of this correction and the pair can be ready to resume its long-term trend.
That being said I will look to sell rallies in search of a good R: R, considering negation above 1.24
📈 Forex & XAU/USD Channel:
t.me/intradaytradingsignals
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📈 Forex & XAU/USD Channel:
t.me/intradaytradingsignals
💎 Crypto Channel:
t.me/FanCryptocurrency
Related publications
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.