British Pound after impulse can make correction to 1.2950
Hello traders, I want share with you my opinion about British Pound. By observing the chart, we can see how the price recently bounced from the support line of the upward channel to past the support level, which coincides with the support area and at once made a little correction. After this, the price continued to move up to the resistance line, thereby breaking the support level and then a little fell below. A few time later British Pound rose to the resistance line again and then rolled down to the support line, which coincide with the support level and area. But at once price bounced back to the resistance line, made little correction, and then made a strong upward impulse, thereby breaking the current support level and exiting from the channel. Now price trades higher of the resistance line of the channel and I think the British Pound can bounce down. For this case, I set up my target at the 1.2950 level. Please share this idea with your friends and click Boost 🚀
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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.