GBPUSD analysis 23/1/21
On the daily time frame, the outer channel (red) is plotted.
On the 4 hour, the inner channel (green) is plotted.
Price has now broken out of the green channel and coming back to retest the key level and previous resistance 1.37000 which price failed to break before in the past.
However, it broke above the other day which could have indicated a buy bias and get people on the wrong side of the market as it continues downwards.
SL of around 18 pips and 1:10RR.
Some profits could be taken at the previous structural low at around 1.36500, and more positions could be added if given the chance to continue to the downside and the bottom of the green channel 1.35300.
However, price could break above 1.37000 and go to the daily outer channel (red) before making its way down.
Ideas/opinions would be very much appreciated as I am new to this so any feedback will be taken into consideration!
On the 4 hour, the inner channel (green) is plotted.
Price has now broken out of the green channel and coming back to retest the key level and previous resistance 1.37000 which price failed to break before in the past.
However, it broke above the other day which could have indicated a buy bias and get people on the wrong side of the market as it continues downwards.
SL of around 18 pips and 1:10RR.
Some profits could be taken at the previous structural low at around 1.36500, and more positions could be added if given the chance to continue to the downside and the bottom of the green channel 1.35300.
However, price could break above 1.37000 and go to the daily outer channel (red) before making its way down.
Ideas/opinions would be very much appreciated as I am new to this so any feedback will be taken into consideration!
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