GBPUSD bouncing of the median channel line again
On the MONTHLY GBPUSD chart, we can see that the pair is bouncing from the Median line of the long-term downtrend Andrew’s Pitchfork channel support 1.15 and is on a way to extend higher. We saw a perfect bounce off this support and the pair seems to be going for a long-term upside channel resistance line of 1.4500.
On a Daily chart, we can see that the GBPUSD price action is within the new uptrend Pitchfork channel. A break above 1.32 is perfect for the LONG trade entries. You could open a good RR long trade entry with the stop loss just below 1.3200, if the pair reverses from here and break below 1.3015 you should consider a short trade entry.
We have used the combination of the top-down trading analysis to get these key levels explained in the charts. To learn more about Andrews’s Pitchfork tool trading strategy register for education.
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