Hi peeps,
As you can see from the annotated chart, the next point in the descending channel would be 1.2200 if price respects the movement down in this parallel channel.
Based on the other points in the trend line channel, we can see that price has always respected the descending channel except for a false break which might have trapped the buyers into a breakout.
Disclaimer: This is not an investment advise but rather my thoughts on the price movement for GBPUSD. Do share your thoughts and your feedback about my analysis :)
Cheers
Pips Punk
As you can see from the annotated chart, the next point in the descending channel would be 1.2200 if price respects the movement down in this parallel channel.
Based on the other points in the trend line channel, we can see that price has always respected the descending channel except for a false break which might have trapped the buyers into a breakout.
Disclaimer: This is not an investment advise but rather my thoughts on the price movement for GBPUSD. Do share your thoughts and your feedback about my analysis :)
Cheers
Pips Punk