GBPUSD testing the complete upside reversal breakout
GBPUSD is testing the rising wedge breakout 1.3300 and horizontal resistance line. A close above 1.3300 is required for the upside continuation and extension higher. For a complete bearish downside reversal breakout and higher probability short trade entries, we need to see a confirmed break below 1.3160. GBPUSD bounced 1.14000 and is reaching the upside reversal resistance 1.3300. The overall long-term is downtrend but a confirmed break above 1.3300 will lead to a complete reversal higher rejection is needed for the downside continuation.
Note – We are waiting for the price action formation to enter the trades
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Price action breakout needs confirmation. At least one or two daily candles
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