GBPUSD: Chance of a Retracement towards 1.3000?
GBPUSD has been on a strong downtrend since August. Price has fallen from 1.3150 to 1.2650, which is nearly 500 pips without any major retracement.
Most importantly, price broke through the channel that kept the pair ranging in a downtrend for more than six months.
However, at the end of the last week, we a bounce in the pair and price moved up almost 100 pips from the low at 1.2650 area. Price has now tested the broken channel once again and it would be interesting to see if GBPUSD can move back into the channel.
The current price of the pair is far away from the 35-day Moving Average and I would be watching if there's a chance to go long and catch some good pips in a counter-trend trading.
If price manages to break and stay above the lower end of the broken channel(indicated by Green Line), I would be looking for long entries with TP at 50% Fibo area around 1.2890 and TP2 at 0.768 Fibo area around 1.3025. Stops would be below 1.2600 if I take this trade.
As you can see from the Weekly chart, the 0.768 Fibo area was also a very strong Support Zone previously and coincides with the 35Day MA. So, it would be interesting to see if price makes an attempt to visit that area.
Most importantly, price broke through the channel that kept the pair ranging in a downtrend for more than six months.
However, at the end of the last week, we a bounce in the pair and price moved up almost 100 pips from the low at 1.2650 area. Price has now tested the broken channel once again and it would be interesting to see if GBPUSD can move back into the channel.
The current price of the pair is far away from the 35-day Moving Average and I would be watching if there's a chance to go long and catch some good pips in a counter-trend trading.
If price manages to break and stay above the lower end of the broken channel(indicated by Green Line), I would be looking for long entries with TP at 50% Fibo area around 1.2890 and TP2 at 0.768 Fibo area around 1.3025. Stops would be below 1.2600 if I take this trade.
As you can see from the Weekly chart, the 0.768 Fibo area was also a very strong Support Zone previously and coincides with the 35Day MA. So, it would be interesting to see if price makes an attempt to visit that area.
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