- February 28, 2023
- Posted by: Tradingshot Articles
- Category: Forex
The GBPUSD pair eventually broke below the Channel Up, since our previous idea at the start of the month, hit the 1D MA200 (orange trend-line) and rebounded:
This has created a ranged trading action inside a +2 month Rectangle. The price is now trapped within the 1D MA50 (blue trend-line0 and 1D MA200 and if it closes above the 1D MA50, it will target the 1.2455 Resistance (and Double Top so far).
The 1D RSI is trading inside a Channel Down whose Lows and Highs match the ideal entries on the Rectangle, so currently this is an ideal buy spot.
If the 1.2455 Resistance breaks, we will target the 1.2675 Resistance (May 27 2022 High).