Trade77; GBPUSD H4 Channel 7am

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

Cable is still struggling at 1.6000 level and it seems that this level is acting as a strong support area now. There is a possible H4 channel and price is near to the beneath bond now indicating it could start to resume its bullish trend after touching it.

Also there is short-term down-sloping trendline and we can see it better on the hourly chart:

So in order to go short it’s better to wait for a break below the beneath bond of the channel which will confirm a breakout of 1.6000 support level as well. And in order to go long wait for an hourly close above the hourly trendline.
I want to say that my bias is still bullish and I’m more comfortable with long setups.

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Kindest Regards

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