empty
 
 
25.10.2021 03:41 PM
GBPUSD challenged channel support

In our previous posts about GBPUSD, we warned traders that a pull back was imminent and price could soon provide a bearish signal. That signal would be a sign of weakness and would increase chances of moving lower towards channel support. GBPUSD remains in a bullish medium-term trend as price continues to trade inside the bullish channel. For how long?

This image is no longer relevant

Red lines- bullish channel

Blue line- RSI support

Red rectangle - short-term support

Our expectations so far have been for price to make a pull back towards at least the lower channel boundary. Price has started making lower lows and lower highs. Price is now challenging the lower channel boundary which is important support for the shor-term trend. Breaking below and out of the channel would be a sign of weakness. Holding inside the channel could lead to price moving to new short-term highs above 1.3835.

Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $5000 more!
    In November we raffle $5000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback