GBPUSD Channel Progression or Break
GBPUSD has been in a wide ranging Bullish Channel since April 2024. Since then price has
moved from 1.23 to 1.34.
When the channel has been breached to a +or- .25 level, there has been a strong reaction to revert to the 0.5 level or cross to the opposite side of the channel.
In the last trading week this pair has moved into the 0 - .25 level, finishing the week at 1.30688.
An area of interest between 1.290 and 1.30 lies below for Buyers ( who have sights set on 1.34.)
1. Daily Support/Resistance - zone between 1.3020 and 1.3040 which has changed from resistance to now support.
2. 100 MAV - around which price has been supported.
3. Channel -0.25 level - the last point of channel structure
3. Fibonacci OTE zone - an area for optimal trade entry between 1.2895 - 1.2960
4. Bullish Fair Value Gap - on the daily chart an area of market inefficiency exists between 1.2875 to 1.2960 .
Sellers are looking for a clear break of these price structures, and the likely targets below are the last HL at 1.2668 and the Channel Low 1.23.
moved from 1.23 to 1.34.
When the channel has been breached to a +or- .25 level, there has been a strong reaction to revert to the 0.5 level or cross to the opposite side of the channel.
In the last trading week this pair has moved into the 0 - .25 level, finishing the week at 1.30688.
An area of interest between 1.290 and 1.30 lies below for Buyers ( who have sights set on 1.34.)
1. Daily Support/Resistance - zone between 1.3020 and 1.3040 which has changed from resistance to now support.
2. 100 MAV - around which price has been supported.
3. Channel -0.25 level - the last point of channel structure
3. Fibonacci OTE zone - an area for optimal trade entry between 1.2895 - 1.2960
4. Bullish Fair Value Gap - on the daily chart an area of market inefficiency exists between 1.2875 to 1.2960 .
Sellers are looking for a clear break of these price structures, and the likely targets below are the last HL at 1.2668 and the Channel Low 1.23.
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