GBP-USD IS IN RETRACEMENT AFTER HIT MULTI YEAR HIGH AROUND 1.3700 MARK. PAIR FORMED BULLISH CHANNEL SLOPING DOWN SIDE (FALLING CHANNEL) DURING LAST WEEK OF DECEMBER-2020 TO FIRST WEEK OF JANUARY-2021. WHICH WA SUGGESTING THAT PAIR MAY RETRACE IN NEAR FUTURE. FINALLY WE BROKE AND CLOSE BELOW CHANNEL ON 04-JANUARY-2021. TARGET AS PER FALLING CHANNEL IS BEGINNING/LOW OF CHANNEL AROUND 1.3440 MARK.
IN THE JOURNEY OF APPROACHING THAT TARGET (1.3440) PAIR ALSO FORMED DESCENDING TRIANGLE WHICH GIVES TRADERS SECONDARY SELL TRADE OPPORTUNITY. DESCENDING TRIANGLE ALSO ADDS CONFIRMATION TOWARDS BEARISH BIAS ON PAIR. IF ANY BODY HAS MISSED THE FIRST SHORT OPPORTUNITY AT BREAK OF CHANNEL ON 04-JANUARY-2021, WAIT FOR BREAK AND RETEST OF DESCENDING TRIANGLE FOR FRESH SELL OPPORTUNITY.
IN THE JOURNEY OF APPROACHING THAT TARGET (1.3440) PAIR ALSO FORMED DESCENDING TRIANGLE WHICH GIVES TRADERS SECONDARY SELL TRADE OPPORTUNITY. DESCENDING TRIANGLE ALSO ADDS CONFIRMATION TOWARDS BEARISH BIAS ON PAIR. IF ANY BODY HAS MISSED THE FIRST SHORT OPPORTUNITY AT BREAK OF CHANNEL ON 04-JANUARY-2021, WAIT FOR BREAK AND RETEST OF DESCENDING TRIANGLE FOR FRESH SELL OPPORTUNITY.