GBPUSD Sell signal targeting the 1D MA200

23 lugThe GBPUSD pair almost hit the top of its 10-month Channel Up and immediatelly got rejected. The subsequent pull-back is so far restrained within the (dotted) Channel Up that uses the 1D MA50 (blue trend-line) as its Support.

The previous such Channel Up, essentially the first Bullish Leg of the (blue) Channel Up, topped at +6.00% (which is where the current rally sits as well) and a 6 week pull-back saw it test the 1D MA200 (orange trend-line) on the 0.382 Fibonacci retracement level.

As a result, the R/R favors heavily going short at the moment. Our Target is 1.2790 (exactly on the 0.382 Fib).

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