EliteTradingSuite

GBPNOK MULTI TIMEFRAME ANALYSIS

Long
FOREXCOM:GBPNOK   British Pound / Norwegian Krone
Another gift from me to you :)

As we can see on GBPNOK from a weekly point of view we have formed an over extended M formation - as we know when we get a pattern like this we have a high probability of a pullback to neck line - highlighted by the blue line


Looking on the daily we can see price is starting some bullish action, we have broken some daily resistance, and as we now broken resistance turns into support


We will be monitoring price action of this pair to see if we can get an entry long with a very nice high reward to risk trade.

Thank you for taking the time to read this

Comment: Hey - just to let you know price action is moving how we expected

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