GBPUSD Ready to revers Up to 1.2485 & 1.2580
Updated
GBPUSD Price : 1.2447
Trend : down ( Due to the down channel on Daily chart )
Transaction: Buy
Reason : we believe that the current trend is down trend on Daily, but here is the reasons to expect some correction on prices :
1 - The price has reached to the the support ( Descending channel trendline ) , which acts as a support level for the price on daily time, that pushed the prices up two times in the past as showing clearly on the chart.
2 - Prices reached to support level on H1 that pushed the prices up yesterday
3 - Stochastic gave clear positive divergence signal on H1 time frame
Technical analysis failure at level : 1.23600
Technical analysis success at level : TP1 : 1.2485 - TP2 : 1.2580
Note : we are here on Buy position, which is against the down trend and consider it as a high risk transaction, so I advise to set the stop loss and have some commitment about it.
Trend : down ( Due to the down channel on Daily chart )
Transaction: Buy
Reason : we believe that the current trend is down trend on Daily, but here is the reasons to expect some correction on prices :
1 - The price has reached to the the support ( Descending channel trendline ) , which acts as a support level for the price on daily time, that pushed the prices up two times in the past as showing clearly on the chart.
2 - Prices reached to support level on H1 that pushed the prices up yesterday
3 - Stochastic gave clear positive divergence signal on H1 time frame
Technical analysis failure at level : 1.23600
Technical analysis success at level : TP1 : 1.2485 - TP2 : 1.2580
Note : we are here on Buy position, which is against the down trend and consider it as a high risk transaction, so I advise to set the stop loss and have some commitment about it.
Trade closed: target reached
Price reached to the first target at 1.248450 and the price crashed with very hard resistance there, as we can see the prices reached to that level twice ( orange line on the chart ) then the resistance pushed the price down again .Is the pair ready to break it out and complete to the second target mentioned above ? lets see
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