GBP/USD Current price: 1.3770
Immediate resistance identifying @136.15. If we buy at the current price, our first target will be nearly 136.15 price zone. Breaking above 136.15 may open the door for the 137.20/137.50 price zone.
It is descending channel resistance identifying @ 137.50/137.70 price zone. So, the market may go for correction from that level. as long as GBP/USD holds below 137.70/1.3800, it will be considered a downtrend.
Double bottom is identifying nearly 1.3435 price zone. So, if the market forms a bearish pattern at the 1.375/1.3800 price zone, our sell market will be nearly at the 1.3435 price zone.
But breaking above 1.3800, we should carry our buy trade. Then, the first target will be at the 138.50 price zone. And finally, breaking above 138.50, we should hold our buy trade till 139.80 to 1.4000 price zone.
Immediate resistance identifying @136.15. If we buy at the current price, our first target will be nearly 136.15 price zone. Breaking above 136.15 may open the door for the 137.20/137.50 price zone.
It is descending channel resistance identifying @ 137.50/137.70 price zone. So, the market may go for correction from that level. as long as GBP/USD holds below 137.70/1.3800, it will be considered a downtrend.
Double bottom is identifying nearly 1.3435 price zone. So, if the market forms a bearish pattern at the 1.375/1.3800 price zone, our sell market will be nearly at the 1.3435 price zone.
But breaking above 1.3800, we should carry our buy trade. Then, the first target will be at the 138.50 price zone. And finally, breaking above 138.50, we should hold our buy trade till 139.80 to 1.4000 price zone.
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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.