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Two weeks ago, the price zone of 1.2400-1.2415 (Double-Bottom pattern neckline) was breached to the upside allowing further bullish advancement to occur towards 1.2800 then 1.3000 where the GBP/USD looks overbought outside the depicted bullish channel.
This week, the GBP/USD pair has failed to achieve a successful bullish breakout above the depicted SUPPLY-zone (1.2980-1.3000) which corresponds to a previous Prominent TOP that goes back to May 2019.
Moreover, the depicted ascending wedge has been broken-down indicating a high probability of bearish reversal around the price levels of 1.2950-1.2970.
That's why, a quick bearish movement was expected to originate around these price levels down to 1.2780 (Key-Level) where price action should be assessed again.
The current Bearish breakout below 1.2870 should be maintained to enhance further bearish decline towards 1.2780 where an Intraday Key-Level comes to meet the pair.
Trade Recommendations:
Intraday traders were advised to have a valid SELL entry around the price levels of (1.2950-1.2970). It's already running in profits.
Remaining T/P level to be placed around 1.2780 while S/L should be placed lowered to 1.2980 to offset the associated risk.
Conservative traders are advised to look for a valid BUY entry around 1.2780 if significant bullish rejection is expressed.
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