In this article, we will share top-down trading technical analysis for the GBPUSD.
On the monthly DXY chart, we can see that the instrument is breaking above the median line of the sideways downside Pitchfork channel 96 level. This break is opening now a possibility of reaching the 100 level which is also the upside channel line.Â
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On the weekly chart we can see the important uptrend continuation support. It is now 95.50 to 96 zone. Weekly chart is also showing the confirmed break of a Inverse H&S formation. Measured target of this formation is now 100-102 zone.
By using our top-down trading technical analysis we have identified the key levels which will be your triggers for a trading strategy in this instrument upon an important uspide break of the strong resistance. Preferred entry is long with the stop loss below the rectangle marked support level 95.50-96 zone. Take profit target is 98.20 level at least. You should use any kind of dips here for the long trade entries.
Happy trading! (click on the chart to enlarge it)
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