GBPUSD Pull-back buy opportunity.

29 Nov 2023

We looked at GBPUSD more than a month ago (see chart below) and the trade that prevailed was a bullish break-out above the 4H MA200:

Basically that countered the loss on the Channel Down short, as the pair has entered a new Channel Up trade, which is now supported both by the 1D MA50 (blue trend-line) and the 1D MA200 (orange trend-line).

As the price is on the pattern's top (Higher Highs trend-line) and the 1D CCI posting a similar sequence as the March 2023 and November 2022 pull-back fractals, we expect a short-term correction towards the 1D MA200 and the 4H MA200 (red trend-line) at 1.2575 at least, followed by a rebound that we will buy, targeting 1.2900 (above Resistance 1 and +2.66% from the low).

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