GBP/USD trade setup.
Updated
Price respected the initial support level and reversed to complete a minor double top.
Our initial forecast expected one of two outcomes and the reversal completed on but did not reach the target, yet price continued to complete the new low beyond the minor support level down to the 1.2232 take profit.
Re-analysis is the possible continuation of the bearish trend beyond the bullish channel. I foresee price breaking out of the ascending trendline towards 1.2029 support level.
Our initial forecast expected one of two outcomes and the reversal completed on but did not reach the target, yet price continued to complete the new low beyond the minor support level down to the 1.2232 take profit.
Re-analysis is the possible continuation of the bearish trend beyond the bullish channel. I foresee price breaking out of the ascending trendline towards 1.2029 support level.
Order cancelled
Price respected the ascending trendline.
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