4H Forex Trend Following Strategy With 200 MAThe downtrend of EUR/GBP shows that EUR/GBP will probably touch a major trendline, and it will touch the targets 0.9000 - 0.9060 . By following the Moving average, I suggest traders buy at a price after the above crossing of Price the MA 200 and sell at a price below the 200MA.
But because of an election, there is a possibility of fluctuations. Therefore maybe the trend falls from the major resistance trendline and touches the support trendline by crossing the levels 0.8960 - 0.8920 .
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Will GBPUSD surge from this corrective wave?GBP/USD has started falling since September. It's taking potential reversal from descending resistance trendline. Currently, this pair is into the descending triangle pattern. That's a consolidation area. Hence, we may see continue the sideways movement here.
Breakdown of descending triangle or hurdle indicating sell confirmation. That means GBPUSD will pushback to 1.2726 & 1.2676 levels.
And upper breakout will hard-hit on the current trend. It will fly till the 1.3020 to 1.3160 target prices.
The day traders can keep buying/selling between the consolidation area but get ready for the above targets after a breakout of the descending triangle pattern.