GBP/USD at the top of It's channel, on it's way back to 13700?
Heres my analysis for what it's worth and how I plan to trade from tonight/Monday! I'll put a disclaimer here that I am a beginner and I take no responsibility for anyone following my analysis . Also, I have not taken any economic news into account in my analysis, so this could obviously change things.
From the Daily chart we can see that the 50ma is providing some resistance and we have hit the Fib level @ 14381. There is also resistance at the 14400 level and we are at the top of the trend line. that seems like a lot of resistance to me!
Looking at the 1h chart, we can see the same, but I think I'd like the price to go back towards the 14400 level before putting short on this pair. My target would be the 13700 level. If the pair goes through the 14400 level, I'll be looking to short at the 14470 area
So what do you guys think? I'm I talking out of my arse or does this analysis make sense?
Cheers!
From the Daily chart we can see that the 50ma is providing some resistance and we have hit the Fib level @ 14381. There is also resistance at the 14400 level and we are at the top of the trend line. that seems like a lot of resistance to me!
Looking at the 1h chart, we can see the same, but I think I'd like the price to go back towards the 14400 level before putting short on this pair. My target would be the 13700 level. If the pair goes through the 14400 level, I'll be looking to short at the 14470 area
So what do you guys think? I'm I talking out of my arse or does this analysis make sense?
Cheers!