Weekly chart shows the possibility of a big correction in GBPUSD
GBP/USD is in a historical resistance level. The recent rally has stopped at this
historical resistance. So, there is a possibility of a big correction in GBP/USD.
Since, we are looking at the weekly chart, it may take many weeks to play out.
Nevertheless, the current scenario gives us a good opportunity to sell GBP/USD at
this strong resistance level with a big TP and small SL.
So, keep an eye on the smaller time frame and watch out for bearish price action.
Selling between 1.4100-1.4300 with SL above 1.4400 and TP at 1.33 based on the
weekly chart is a good idea.
historical resistance. So, there is a possibility of a big correction in GBP/USD.
Since, we are looking at the weekly chart, it may take many weeks to play out.
Nevertheless, the current scenario gives us a good opportunity to sell GBP/USD at
this strong resistance level with a big TP and small SL.
So, keep an eye on the smaller time frame and watch out for bearish price action.
Selling between 1.4100-1.4300 with SL above 1.4400 and TP at 1.33 based on the
weekly chart is a good idea.