LegionQ8

British Pound can make little correction and then continue rise

Long
FX:EURGBP   Euro / British Pound
Hello traders, I want share with you my opinion about British Pound. Observing the chart, we can see that the price some days ago started to trade inside a big upward channel, where it first rebounded from the resistance line and fell to the 0.8530 support level, which coincided with the buyer zone. After this movement, the price bounced from this level and a little rose but then corrected back. Then British Pound rebounded and made an upward impulse to the resistance level, which coincided with the seller zone and resistance line of the channel, but soon it rebounded and declined until to support line of the channel. Next, the price bounced from this line and rose to the 0.8700 level again, broke it, and some time traded near. But a not long time ago, the British Pound declined below this level, thereby breaking it again, and now trades near. So, I think that the price can fall to the support line of the channel and then bounce up to the resistance level. Then the British Pound can break this level, make retest, and continue to rise. Therefore I set up my target at the 0.8760 level. Please share this idea with your friends and click Boost 🚀

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