GBPUSD: Is TIME to COLLAPSE?
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🟢Forex Pair:
GBP/USD
⚪Technical Analysis:
In the weekly time frame, since March 2020, the price has been moving following a strong uptrend, bouncing many times on its dynamic support line.
It has currently reached an interesting S/R area.
In the daily time frame, since the end of May 2020, the price has been moving following a clear ascending channel, getting more strenght in November 2020.
It's currently following a secondary channel.
In the h4 time frame, the price is following a strong trendline, creating a possible triangle pattern.
It got few rejections on the resistance zone at about 1.3700 and is now approaching to retest the same zone.
🔴Conclusion:
The price is still in a strong up trend but not able to break through the main resistance zone, a strong weekly level that rejected the price many times in the past.
I'm confident to see the price collapsing down, breaking through its trendline and reaching its next support zone at about 1.34500.
I'll be waiting a possible breakout of its trendline before to plan any short position.
Stay tuned for Updates and Trading Signals!
What's your opinion? Share your idea writing a comment!
⚠️Please note the views are not investment advice and should be used only for educational purposes⚠️
Trade Safe and Responsibly,
Gianni
🟢Forex Pair:
GBP/USD
⚪Technical Analysis:
In the weekly time frame, since March 2020, the price has been moving following a strong uptrend, bouncing many times on its dynamic support line.
It has currently reached an interesting S/R area.
In the daily time frame, since the end of May 2020, the price has been moving following a clear ascending channel, getting more strenght in November 2020.
It's currently following a secondary channel.
In the h4 time frame, the price is following a strong trendline, creating a possible triangle pattern.
It got few rejections on the resistance zone at about 1.3700 and is now approaching to retest the same zone.
🔴Conclusion:
The price is still in a strong up trend but not able to break through the main resistance zone, a strong weekly level that rejected the price many times in the past.
I'm confident to see the price collapsing down, breaking through its trendline and reaching its next support zone at about 1.34500.
I'll be waiting a possible breakout of its trendline before to plan any short position.
Stay tuned for Updates and Trading Signals!
What's your opinion? Share your idea writing a comment!
⚠️Please note the views are not investment advice and should be used only for educational purposes⚠️
Trade Safe and Responsibly,
Gianni
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