Take advantage of the retracement to go long on GBP/USD
After the strong reaction of the dollar to the inflation data we saw a very strong rise, but now as is natural there is a small retracement before continuing upwards.
The area identified is 1.2309, and it is an important point for several reasons.
-it is the 0.618 retracement zone of the recent rise
-on a daily basis, it corresponds to a low of 26 May, which from there on started a bullish movement that lasted a few weeks
-the area indicated also coincides with our drawn bullish channel. I am not a fan of channels and this type of drawing because they are very subjective, but in any case it is one more confirmation
https://www.tradingview.com/x/zmwVyErS/
The area identified is 1.2309, and it is an important point for several reasons.
-it is the 0.618 retracement zone of the recent rise
-on a daily basis, it corresponds to a low of 26 May, which from there on started a bullish movement that lasted a few weeks
-the area indicated also coincides with our drawn bullish channel. I am not a fan of channels and this type of drawing because they are very subjective, but in any case it is one more confirmation
https://www.tradingview.com/x/zmwVyErS/
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