Expecting a +20% raise on GBP/USD
Good morning traders! Today we bring you an idea that we consider possible in the GBP / USD pair. As you will see, it is a MONTHLY chart, so it is a long-term idea, which can take months or maybe years to develop.
🔸What we observe in this chart is that the price during this year reached historical lows, in the area of 1.14000.
🔸Then an abrupt recovery began, with a rise of about 20% to current levels.
🔸In this recovery process, the price manages to face the Descending Trendline that has been valid since 2007.
🔸In the case of a clear bullish breakout, we have a fairly close resistance zone, and then a strong supply zone.
🔸What we propose in this scenario is that the price, in case of penetrating the resistance zone, generates a consolidation or a corrective process between both zones since there will be a lot of supply and demand, and, after that consolidation process, if the price manages to penetrate upward, we can see it trading in the area of 1.70000.
🔸This is an idea not a purchase recommendation, since the best decision would be to wait for certain confirmations.
🔸What we observe in this chart is that the price during this year reached historical lows, in the area of 1.14000.
🔸Then an abrupt recovery began, with a rise of about 20% to current levels.
🔸In this recovery process, the price manages to face the Descending Trendline that has been valid since 2007.
🔸In the case of a clear bullish breakout, we have a fairly close resistance zone, and then a strong supply zone.
🔸What we propose in this scenario is that the price, in case of penetrating the resistance zone, generates a consolidation or a corrective process between both zones since there will be a lot of supply and demand, and, after that consolidation process, if the price manages to penetrate upward, we can see it trading in the area of 1.70000.
🔸This is an idea not a purchase recommendation, since the best decision would be to wait for certain confirmations.
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