GBPUSD H1 Analysis

2020年7月1日

The GBPUSD chart has created a BUTTERFLY PATTERN which indicates a bearish trend. This analysis is also confirmed with the price moving inside a bearish channel. In fact, the price bounced off the resistance line; hence indicating a downtrend as well. A conservative approach (TP1) would be about half the size of the channel, which is approximately 70 pips. An aggressive approach (TP2) would have us looking where the price previously touched the resistance line, which is approximately 120 pips. The SL level should be placed just above the resistance line: if the price crosses it, the trend would likely be denied. Thus, the trade is executed as follows:
GBPUSD
SELL: 1.23700
SL: 1.24250
TP1: 1.23000
TP2: 1.22500

2020年7月1日

註釋

The trade did not go as planned unfortunately. The interference of fundamentals made the price break the channel it was previously in.