GBPUSD price has successfully broken out of a significant symmetrical triangle pattern on the daily chart. The price movement above the resistance border surpassed two major highs, forming a downward trend line. Currently, GBPUSD has established a swing high at the psychological price of 1.3000, indicating a retracement towards the demand zone of 1.2860, characterized by a bullish order block.
The Relative Strength Index (RSI) signaled that the GBPUSD market was overbought upon reaching the psychological price of 1.3000, leading to the formation of a swing high and subsequent price decline. The price has now reached the Moving Average period nine, while the Moving Average period twenty-one remains below, indicating a continued bullish trend.
The bullish breakout above the downward sloping trendline resulted in the formation of a bullish order block, followed by a significant price increase. The current pullback to the bullish order block appears to be a healthy correction, seeking support for the continuation of the uptrend.
GBPUSD Short-term Trend: Bearish
On the lower timeframe (4 hours), the market direction has turned bearish. The price is now below the Moving Averages, indicating a price decline. To utilize the best forex signals telegram channels can offer, it is advisable to avoid counter-trend orders to increase strike rate. Shorting may be considered when scalping on a much lower timeframe, using the 4-hour chart as the higher timeframe reference.
Note: Learn2.trade is not a financial advisor. Do your research before investing your funds in any financial asset, product, or event. We are not responsible for your investment results.
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