GBPUSD still inside the ascending channel
In my previous GBPUSD idea, I told you to sell at the 1.3250 area with 1.3100 as the TP( idea attached below). As you can see, price dropped to the level I indicated in my chart.
Currently, GBPUSD is at the lower Trend Line of the Rising channel. It is also above the 100-period EMA on the 4H chart. So, technically it is still bullish.
However, the weekly candlestick is showing a bearish pattern. And repeated failures to close above 1.32 doesn't look good for the buyers.
So, if you are looking to buy, wait for some bullish price action above 1.31 level.
A strong break of the lower TL of the channel will mean that the trend has reversed and the price will probably drop to 1.28 level.
Currently, GBPUSD is at the lower Trend Line of the Rising channel. It is also above the 100-period EMA on the 4H chart. So, technically it is still bullish.
However, the weekly candlestick is showing a bearish pattern. And repeated failures to close above 1.32 doesn't look good for the buyers.
So, if you are looking to buy, wait for some bullish price action above 1.31 level.
A strong break of the lower TL of the channel will mean that the trend has reversed and the price will probably drop to 1.28 level.
