GBPUSD - Breakout Short
Updated
After making bullish movements creating an ascending channel from roughly 10 Dec up until now, the price touched a very important key level roughly 12h ago stretching from 20-21 July 2021 which was a previous Support level turning now to Resistance.
There is a big possibility the price might go through a breakout on the ascending channel Downwards very soon now. Just have to wait and see what happens.
There is a big possibility the price might go through a breakout on the ascending channel Downwards very soon now. Just have to wait and see what happens.
Note
Coming back for a retest after breaking out of the red trendline. Watching to see what the price will do after touching/testing the trendline again.Note
Retesting the trendline now, waiting for the reversal to go into trade.Note
The price was going up and down very fast, I went into a trade but I was holding on for dear life for the bumpy ride lol. I closed the trade in a very small loss after the price went back near break-even level.Note
This idea turned out pretty well, it did tough the bottom of the channel multiple times though and I don't think that channel will go higher(my opinion) It's time now to look where it's gonna break below the channel. Happy trading!Note
I see the price made a nice comeback yesterday, it almost started forming a double top now at the top of that key level in the chart. If it does form a double top there, it's the signal we have been waiting for the big reversal of this channel.
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