Trade77; GBPUSD Hourly Channel 7pm


Hello Traders, I’m Mani and I’m the writer of Trade 77 section, please follow me on twitter for further updates.

I mentioned a channel on GBPUSD today on twitter, now I want to analyze this channel:

You can see a channel and a daily trendline that I mentioned before.
Price exactly bounced off the beneath bond of the channel and going up. I expect it to go further up and reach that daily trendline.
So levels that we should watch are 1.5840 and 1.5860 and in case of going down before touching the daily trendline 1.5720 would be another retest of the beneath bond of the channel.
Now any trades are risky so wait for those support and resistant levels and break or bounce around them.

((UPDATE))
This is an updated chart of the Cable as I mentioned in twitter:

I will mention about any trades we can get near these levels.
Make sure that you are following me on twitter so you can be informed of any trade calls for this pair and if you found this post useful let your followers to read it too, so please retweet this article with the button above of the article.

Regards

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  • Anonymous

    Andy if you want to gamble you can go to casino instead of siting against the charts.
    Forex is absolutely educational and everything in it has got a reason.
    If you had read my sentiment articles then you could found that why any good or bad data for US can hurt US dollar.

    Thanks for your comment

  • Andy

    think, eur shud be already be parity against usd. These bail outs are bad, but market tend to focus more on USA. How can bailouts be positive, in fact those countries are practically insolvent already. Today FX trading is 100% gambling,no more fundamental no more logic. Good or bad USA data may also hurt USD. So no more direction or real analysis anymore. PURE GAMBLING and LUCK! No more expert.