FX.co ★ dusty24 | GBP/USD

GBPUSDHello traders! The linear regression channel on the M15 chart has turned downwards, highlighting the dominance of sellers in the market. The market movement is heading south towards the level of 1.32013. Upon reaching this level, a correction to the upside is possible, as the channel volatility will be exhausted on this timeframe. It is advisable not to sell near the lower channel boundary, but to wait for a pullback to the upper part of the channel at 1.33159. This approach will help reduce losses. The slope of the channel determines the strength of the sellers in the market - the steeper it is, the stronger the movement. A slight slope indicates selling at the early stage of formation.

On the hourly chart, the linear regression channel is pointing downwards, indicating seller strength. The hourly channel is primary, while the M15 is secondary. On both charts, the channels are oriented to the south. It is preferable to look for short positions, as buying would mean going against the trend, which is more likely to result in losses than profits. If the level at 1.33159 does not stop the buyers, the upward movement is likely to continue. Bulls will rise to the upper part of the channel at the level of 1.33413, where it is worth considering selling. Selling from this point will be very interesting, as a pullback on the hourly chart is expected. Subsequently, bears will show their activity by moving towards the lower part of the channel at 1.31549. Channel volatility will be established at this point, and selling will need to be delayed until bulls play out part of the movement.