Two patterns have been spotted on GBPUSD: an Inverted Head and Shoulders that formed the market bottom on September 26th and a Channel Up that is guiding the price higher. The 1D technicals are marginally above neutral levels (RSI = 55.748, MACD = 0.004, ADX = 34.526), indicating that there is still considerable upside potential.
The price is testing the 1W MA50 for the second time since Dec 15th. The Lower Highs Resistance (LH) is technically the level to beat for the Channel Up and if that happens we will buy into it and aim for the 1W MA200. The Channel Up won't last of course for long but based on the Inverted Head and Shoulders structure the 2X target for the long-term is 1.4500.
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The price is testing the 1W MA50 for the second time since Dec 15th. The Lower Highs Resistance (LH) is technically the level to beat for the Channel Up and if that happens we will buy into it and aim for the 1W MA200. The Channel Up won't last of course for long but based on the Inverted Head and Shoulders structure the 2X target for the long-term is 1.4500.
## If you like our free content follow our profile to get more daily ideas. ##
## Comments and likes are greatly appreciated. ##
## Also DONATIONS through TradingView coins help our cause of increasing the daily ideas put here for free and reach out more traders like you. ##
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Over 65% accuracy on Private Signals Channel.
Over 15% return monthly on our Account Management Plan.
Account RECOVERY services.
Free Channel: t.me/investingscopeofficial