FX.co ★ GBP/USD Within A Reversal Pattern!

GBP/USD decreased within a down channel pattern. It could drop deeper as long as it stays inside the channel's body. It's trapped between 1.4000 and 1.3809 levels, so it could continue to move sideways in the short term.

Staying within the down channel and dropping below 1.3809 indicates a further drop towards the down channel's support, downside line. On the other hand, breaking above the downtrend line signals a potential increase, but still, only jumping above 1.4000 psychological level could really bring a good buying opportunity.

Trading Conclusion!

Sell a drop below 1.3809 level and use the channel's downside line as a target, around 1.3600.

By GBP/USD if it passes above 1.4000 again, using the 1.42 as a target.