Weekly Andrews Pitchfork chart GBPUSD

GBPUSD is riding the downtrend channel

In this article, we are drawing Pitchfork channels on GBPUSD

On the monthly GBPUSD chart, we can see that the pair is in the downside extension into the 100 level after another rejection from a 1.3000 level

 

 

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Using Andrews Pitchfork tool hint: to plot Andrew’s Pitchfork on a chart, first, look for three consecutive big highs or lows at the asset’s price. These key points are highlighted in the chart below.

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 indicated below.

On the Daily chart, the pair formed a downtrend Pitchfork channel and we have a  rejection again from the key 1.3000 level. The downside resistance 1.2970 has been broken and the pair is extending downside into the 1.2600 median line.  By a trading perspective, look for the short trade entries with the stop loss above the 1.2970 level targeting 1.2600 level first, and in a case of a daily close below this level look for the extreme extension lower into the 1.2400 level. Downside invalidation will come on a stop loss trigger and a daily close above the 1.3000 level.

 

 

 

Happy trading! (click on the chart to enlarge it)