GBPUSD: Test of upper channel boundary

GBPUSD, H4

On the H4, GBPUSD has formed a descending channel pattern, and the price is testing the upper boundary. Tenkan crossed Kijun at Ichimoku, and the price is ready to exit the cloud, but the %R indicates overbought.

If the price breaks the trend line and the cloud above 1.3350, it will start to rise to 1.3450;

A bounce from the trendline will drop the price to 1.13250 and further to 1.3180;

Trading foreign currencies on margin involves significant risks and may not be suitable for everyone, as high leverage can increase both potential gains and losses. Before entering the foreign exchange market, it is essential to evaluate your investment goals, personal experience, and risk tolerance.

Share with friends:

Author: Egor Schmidt

Open an FBS account

By registering, you accept FBS Customer Agreement conditions and FBS Privacy Policy and assume all risks inherent with trading operations on the world financial markets.