In this article, we are drawing Pitchfork channels on GBPCAD.
On the weekly GBPCAD chart, we can see that the pair is still trading below the median line of the Pitchfork uptrend line after the swing down price action move from Nov – 15 highs to Aug – 17 lows. So far the price action is still within the first half of the channel and is being rejected from the 50% Fibonacci retracement of the swing down. This is calling for more downside and a possible test of the uptrend Pitchfork channel line 1.6800 level.
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We have used the combination of the top-down trading analysis and the Andrews Pitchfork channels to get to a trading entry stop loss levels and targets. On the daily chart, there is a new downtrend Pitchfork channel formed. Wait for the bounce in the Uptrend channel line 1.17460 level for selling the pair with the stop loss at the 1.7500 level targeting 1.7000 level.
Happy trading! (click on the chart to enlarge it)
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