GBPUSD - Another Bouce or Breakout - What do you think?
Hi Traders!
As you can see the market is in a ranging condition.
The first major movement you can see in the chart is the strong bearish downmovement.
This downmovement started at the top of 1.32000.
It ended up at the Support at 1.14500.
After that the market retraced.
This Retracement move was until the 61.8% of the Fibonacci Retracement tool.
Later the price was moving between these Levels:
It is still between these two Levels.
As you can see the market made until now two Tops and two Bottoms.
The market is now at the Bottom Side and this two opportunities can appear:
We recommend to wait for a confirmation.
Thanks and successful Trading :)!
As you can see the market is in a ranging condition.
The first major movement you can see in the chart is the strong bearish downmovement.
This downmovement started at the top of 1.32000.
It ended up at the Support at 1.14500.
After that the market retraced.
This Retracement move was until the 61.8% of the Fibonacci Retracement tool.
Later the price was moving between these Levels:
- Resistance at 1.26000 and
- Support at 1.22000.
It is still between these two Levels.
As you can see the market made until now two Tops and two Bottoms.
The market is now at the Bottom Side and this two opportunities can appear:
- The market bounces off from the Support to make another Top.
Then we would buy the break of the Parallel Channel and the Target would be the Resistance. - The market breaks out of the Support.
We would buy the break of the Support and the Target would be the Support Area (orange box).
We recommend to wait for a confirmation.
Thanks and successful Trading :)!
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