Good Evening!
GPB/USD is entering a key zone as you can see from the chart it is in an upward channel, approaching the bottom and currently in a ket S/R zone. I caught 156 pips on the move down and will be waiting to watch the price action before confirming whether this will be a long or short entry!
RSI is showing it is oversold so could line up well for potential long.
Im expecting price to potentially retreat back to the trendline before coming to the bottom of the channel, I will wait for either the bounce of the bottom of the channel to take a long position or the break and retest of the channel before entering my position.
BUY: If this does become a buy trade I will most likely be expecting price to rocket up to around 1.28 before exiting the trade.
SELL: If this becomes a sell trade I will likely look to exit around 1.207
Let me know what you think and if any of you guys caught some pips on the way down!
Thanks.
GPB/USD is entering a key zone as you can see from the chart it is in an upward channel, approaching the bottom and currently in a ket S/R zone. I caught 156 pips on the move down and will be waiting to watch the price action before confirming whether this will be a long or short entry!
RSI is showing it is oversold so could line up well for potential long.
Im expecting price to potentially retreat back to the trendline before coming to the bottom of the channel, I will wait for either the bounce of the bottom of the channel to take a long position or the break and retest of the channel before entering my position.
BUY: If this does become a buy trade I will most likely be expecting price to rocket up to around 1.28 before exiting the trade.
SELL: If this becomes a sell trade I will likely look to exit around 1.207
Let me know what you think and if any of you guys caught some pips on the way down!
Thanks.