analytics5fb3fa89c469c.jpg

In July, the GBP/USD pair has expressed an Ascending Flag Pattern above the price level of 1.2780.

Shortly after, bullish persistence above the price zone of 1.3300 was achieved. This was supposed to allow bullish pullback to pursue towards 1.3400 as a final projection target for the suggested pattern.

However, the GBP/USD pair failed to do so. Instead, another bearish movement was targeting the price level of 1.2840 and 1.2780 where bullish SUPPORT existed allowing another bullish movement initially towards 1.3000 which failed to maintain sufficient bearish momentum.

That’s why, the recent bullish breakout above 1.3000 has enabled further bullish advancement towards 1.3250-1.3270 where the upper limit of the new movement channel came to meet the GBP/USD pair.

Upon any upcoming bullish pullback, price action should be watched around the price levels of (1.3250-1.3270) for signs of bearish pressure as a valid SELL Entry can be offered.

Initial bearish target would b located at 1.3000. While S/L should be placed above 1.3300.

The material has been provided by InstaForex Company – www.instaforex.com

Leave your vote

🚀If you want to get a Forex Robot Coded as per your trading strategy but are unable to do so because of the high price for the Robot then you can take advantage of the CROWD FUNDING campaigns feature. ✔ These are some crowd funding campaigns for Forex Robots, which when completed can provide the very same Forex Robot to the participants at an average price of $5-$10 per participant. ✔ You either participate in one of the already listed campaigns or send us your Forex strategy : Submit Crowd Funding Campaign , for which you would like the Forex Robot to be coded. A Crowd Funding Campaign would then be started for the same . ✔ All you have to do later on is to share the campaign online with your friends to encourage more people to participate in the campaign.

As a result, each participant can get that Forex robot for just a campaign contribution of $5 (which is the minimum). Participants can back the campaign by anything above or equal to $5 to reach the funding goal to close the campaign.