Summary Opinion on GBPUSD:
AlthoughGBPUSD market operation is presently sideways, it is operating at the lower of the wide 1.27600/1.26100 horizontal channel traceable to the weekly time frame. Although we cannot rule out further northward drive, the technical structure is bearish. Technically, we may see a short-term northward liquidity grab at an area of value before a southward turnaround. As a medium-term swing trader, I will await such a northward liquidity charge; otherwise, a significant bearish breakdown of the 1.27600/1.26100 horizontal channel on a daily closing basis, with a retest of the channel followed by a bullish weakness, would trigger my interest to look for a sell-trading opportunity.
Just my opinion. Trade safe.
KP
AlthoughGBPUSD market operation is presently sideways, it is operating at the lower of the wide 1.27600/1.26100 horizontal channel traceable to the weekly time frame. Although we cannot rule out further northward drive, the technical structure is bearish. Technically, we may see a short-term northward liquidity grab at an area of value before a southward turnaround. As a medium-term swing trader, I will await such a northward liquidity charge; otherwise, a significant bearish breakdown of the 1.27600/1.26100 horizontal channel on a daily closing basis, with a retest of the channel followed by a bullish weakness, would trigger my interest to look for a sell-trading opportunity.
Just my opinion. Trade safe.
KP
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