BluetonaFX - GBPUSD Range Opportunity

Hi Traders!

We have a range opportunity here on the GBPUSD 3H chart.

The market is currently trading in a 73-pip range. The support of the range is at 1.26660, and the resistance is at 1.27390.

The market has been in this range since the upside price rejection candle, which we have highlighted on the chart, leading to the downside impulsive move, and now the market is in a consolidation phase.

We are currently under the 20 EMA, which does have a bearish bias; however, we are still above the support level at 1.26660. We need a break and a close below 1.26660 to continue on the downside. If we get this, we have a target at 1.26220, which is near August 2023's low at 1.26205.

If support at 1.26660 holds, the chart will become a potential double bottom pattern, and we will look for buying opportunities to target 1.27336, which is near the top of the range at 1.27390.

Please do not forget to like, comment, and follow, as your support greatly helps.

Thank you for your support.

BluetonaFX 

Trade geschlossen: Ziel wurde erreicht:

We continued to stay under the 20 EMA so we remained bearish. Got the support break needed to reach 1.26220.