GBPUSD: Consolidation and Complete Indecision ๐ฌ๐ง๐บ๐ธ
https://www.tradingview.com/x/knTxXBup/
Even though GBPUSD is trading in a bullish trend since October,
the pair is in a deep consolidation, the last 3 weeks.
The pair is currently stuck within a horizontal range on a daily.
Depending on the reaction of the price to its boundaries,
I see 2 potential scenarios.
Bullish Scenario
If the price breaks and closes above 1.283,
we can anticipate a movement higher to 1.294 resistance.
Bearish Scenario
If the price violates 1.26 support and closes below that on a daily,
a bearish continuation may follow to 1.255 level.
Because the long-term trend is bullish, I remain bullish biased.
Chances will be high that the resistance of the range will be reached.
โค๏ธPlease, support my work with like, thank you!โค๏ธ
Even though GBPUSD is trading in a bullish trend since October,
the pair is in a deep consolidation, the last 3 weeks.
The pair is currently stuck within a horizontal range on a daily.
Depending on the reaction of the price to its boundaries,
I see 2 potential scenarios.
Bullish Scenario
If the price breaks and closes above 1.283,
we can anticipate a movement higher to 1.294 resistance.
Bearish Scenario
If the price violates 1.26 support and closes below that on a daily,
a bearish continuation may follow to 1.255 level.
Because the long-term trend is bullish, I remain bullish biased.
Chances will be high that the resistance of the range will be reached.
โค๏ธPlease, support my work with like, thank you!โค๏ธ
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