GBPUSD Channel breakout and retest
1. Break of descending trendline and retest of key area.
2. wait for rejection of 61.8 fib level on lower timeframes before entering
COVID 19 causing choppy movements so be careful with this one. Great risk reward.
1] Price has broken the ascending wedge
2] I will be waiting for a retest and further price action before getting into a sell position
3] Expecting price to touch the horizontal resistance or the channel and then movement to the downside
I havent put a TP and SL as I would like to see more price action before deciding what i think would be the best decision.
As you can see on the 1 hour chart, price has broken out of channel and dropped to pivot. We can see a bullish engulfment candle at the pivot suggesting price may be moving up to retest the channel. I am hoping to get a rejection at the 0.382 fib level as that is a demand zone. I will be waiting for price to see if it could move up to my demand zone and see if we...
- Breakout of the channel on the H1 showing price structure being taken out and supporting this bullish sentiment.
- Bullish divergence on the H4 using stochastics implying the bearish momentum coming to a halt and that we are in the mist of seeing a reversal after testing the lows of 1.1450.
- Clear rejection of the weekly support level on the D1 with a long...