Take advantage of the retracement to go long on GBP/USD
After the strong reaction of the dollar to the inflation data we saw a very strong rise, but now as is natural there is a small retracement before continuing upwards.
The area identified is 1.2309, and it is an important point for several reasons.
-it is the 0.618 retracement zone of the recent rise
-on a daily basis, it corresponds to a low of 26 May, which from there on started a bullish movement that lasted a few weeks
-the area indicated also coincides with our drawn bullish channel. I am not a fan of channels and this type of drawing because they are very subjective, but in any case it is one more confirmation
The area identified is 1.2309, and it is an important point for several reasons.
-it is the 0.618 retracement zone of the recent rise
-on a daily basis, it corresponds to a low of 26 May, which from there on started a bullish movement that lasted a few weeks
-the area indicated also coincides with our drawn bullish channel. I am not a fan of channels and this type of drawing because they are very subjective, but in any case it is one more confirmation