A strong bullish channel has been established on the 4H GBPUSD Chart.
Price is likely to follow the channel until it reaches the previously formed support and bounce back towards the upside before breaking out of the channel.
If price does break out of the channel, it will most likely have a retest back at the channel before moving towards higher highs.
I would keep an eye out on this pair and take trades that match the direction of the trend on smaller timeframes.
Thank you for reading and happy trading!
Disclaimer:
I am not a professional trader, financial/investment advisor, broker and/or dealer. The idea above is strictly based on my opinion and should only be used for entertainment/educational purposes only. Do conduct your own due diligence and do not act solely based on any information conveyed in this Trade Idea.
Price is likely to follow the channel until it reaches the previously formed support and bounce back towards the upside before breaking out of the channel.
If price does break out of the channel, it will most likely have a retest back at the channel before moving towards higher highs.
I would keep an eye out on this pair and take trades that match the direction of the trend on smaller timeframes.
Thank you for reading and happy trading!
Disclaimer:
I am not a professional trader, financial/investment advisor, broker and/or dealer. The idea above is strictly based on my opinion and should only be used for entertainment/educational purposes only. Do conduct your own due diligence and do not act solely based on any information conveyed in this Trade Idea.