GBPUSD Heading for a Break?

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Divergence University

The British Pound after trading lower against the US Dollar started to recover. There were a couple of false attempts on the upside as well as on the downside which created a range on the weekly chart. We can trade the GBPUSD pair both ways, as the direction of the next move depends on the price action and break.

There is a triangle pattern forming on the 4-hours chart of the GBPUSD pair. A break on the either side might be a call for a trade (sell or buy depending on the break).

Technical Analysis

W1– Chart highlighting a couple of false breaks and rage trading moves.
GBPUSD - W1
Buy Entry:

H4– We can enter a buy trade in the GBPUSD if it breaks the highlighted triangle pattern and settles above it.

Target 1: 1.5550
Target 2: 1.5600
Stop Loss: Break and close below the last low created before entering the trade.

Sell Entry:

H4– We can enter a sell trade in the GBPUSD if it breaks the highlighted triangle pattern and settles below it.

Target 1: 1.5350
Target 2: 1.5280
Stop Loss: Break and close above the last high created before entering the trade.

GBPUSD - H4 forex technical analysis

Video Explanation:

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מנעולן בתל אביב מומלץ
מנעולן בתל אביב מומלץ
4 years ago

Great post.

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