What's up traders, I am just quickly posting this chart for you all whilst it is on my radar.
Here we have GBP/TRY on the 1H chart. Price restently broke a long term side-wards support level, and retested it as a new sideways resistance. Once price confirmed the line as resistance, broke also broke a flag channel support simultaneously, leading to a breakdown move.
Since this trade is already moving, I am advising traders to look for a retest to look for a short opportunity.
Updates for this idea will be posted below. Leave a like & follow so you don't miss any of our content.
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GBP/TRY has had a nice move since the above analysis was posted.
Here we have the GBP/TRY chart on the 1H chart.
After price broke down, there was a correction to the upside. When price stalled, this was the ideal time to be selling the pair.
Since the sell signal, price has had a nice move to the downside and successfully made new lows.
I am now expecting price to continue its journey to the downside, down to our original target level of 5.1230.