GBPUSD close to the Channel Down bottom. Buy signal.
The pair has been trading within a Channel Down since April 30. Today it is rebounding after coming the closest to the bottom (Lower Lows trend-line) of the Channel Down since July 20. This is a short-term buy signal on its own with a 1.3750 Target (the short-term Resistance).
On a more longer term perspective though, we can see a similar fractal developing as in April-May 2020 (green shapes/ Fractal (A) and (B)). If it weren't for the March 2020 COVID market crash, then Fractal (A) would have also traded in the extension of a Channel Down, as Fractal (B) does. That fractal was the bottom of that pattern and GBPUSD started a 12 month bullish trend then. So if the current Channel Down breaks to the upside, our firm's thesis is that the pair can extend the rise to at least the 2.0 Fibonacci extension (1.4400) before the next major correction.
** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. **
--------------------------------------------------------------------------------------------------------
!! Donations via TradingView coins also help me a great deal at posting more free trading content and signals here !!
🎉 👍 Shout-out to TradingShot's 💰 top TradingView Coin donor 💰 this week ==> Vergnes
--------------------------------------------------------------------------------------------------------
On a more longer term perspective though, we can see a similar fractal developing as in April-May 2020 (green shapes/ Fractal (A) and (B)). If it weren't for the March 2020 COVID market crash, then Fractal (A) would have also traded in the extension of a Channel Down, as Fractal (B) does. That fractal was the bottom of that pattern and GBPUSD started a 12 month bullish trend then. So if the current Channel Down breaks to the upside, our firm's thesis is that the pair can extend the rise to at least the 2.0 Fibonacci extension (1.4400) before the next major correction.
** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. **
--------------------------------------------------------------------------------------------------------
!! Donations via TradingView coins also help me a great deal at posting more free trading content and signals here !!
🎉 👍 Shout-out to TradingShot's 💰 top TradingView Coin donor 💰 this week ==> Vergnes
--------------------------------------------------------------------------------------------------------
👑Best Signals (Forex/Crypto+70% accuracy) & Account Management (+20% profit/month on 10k accounts)
💰Free Channel t.me/tradingshotglobal
🤵Contact info@tradingshot.com t.me/tradingshot
🔥New service: next X100 crypto GEMS!
💰Free Channel t.me/tradingshotglobal
🤵Contact info@tradingshot.com t.me/tradingshot
🔥New service: next X100 crypto GEMS!
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.