GBPUSD 1st Resistance or Unending Descending Channel?
GBPUSD had been attempting for the past few days to re-surface to its original market structure which is designated for an uptrend to 1.36000+ levels but due to a series of unfortunate events, GU failed to do so and is currently deciding whether or not it will breakthrough the 1.33000 levels or continue its descending channel down to 1.31900+ which are marked as "green" and "red" pathways respectively.
As a swing trader for this, one of the few things I consider is that it has already reached its lower low multiple times plus adding to the fact that it recently started its impulse phase (long phase) just last year after consolidating for more than 5 years which are all based from EMA 800 (above and below the line).
Hopefully, we should see an uptrend soon and 1.33 breaking. For now, stay safe everyone!
Disclaimer: This is for educational purposes only.
As a swing trader for this, one of the few things I consider is that it has already reached its lower low multiple times plus adding to the fact that it recently started its impulse phase (long phase) just last year after consolidating for more than 5 years which are all based from EMA 800 (above and below the line).
Hopefully, we should see an uptrend soon and 1.33 breaking. For now, stay safe everyone!
Disclaimer: This is for educational purposes only.