A bullish price channel is used in this analysis to capture the meandering price action of the GBPUSD on the Daily time frame from October 12, 2018 to present date.
1.38343 and 1.19602 mark the extremes (or width as indicated by the black arrow) of the channel and are therefore important to take note of for future price movement in the GBPUSD. The bottom of the channel was successfully tested on August 15, 2018 and thus suggests price returning to the opposite extreme (bullish).
1.32337 and 1.26720 indicate boundaries used in this analysis that can be used for trade entry with the former supporting a bullish bias and the latter bearish (i.e. break below the channel and price consolidation).
1.38343 and 1.19602 mark the extremes (or width as indicated by the black arrow) of the channel and are therefore important to take note of for future price movement in the GBPUSD. The bottom of the channel was successfully tested on August 15, 2018 and thus suggests price returning to the opposite extreme (bullish).
1.32337 and 1.26720 indicate boundaries used in this analysis that can be used for trade entry with the former supporting a bullish bias and the latter bearish (i.e. break below the channel and price consolidation).
