GBPUSD - Overview Week Commencing 13th Feb 2023
Overview:
Price is currently below all of the EMA's so there is a strong bearish indication. Price is also pushing lower which again indicates that there is a lot of bearish pressure for this market so for us only shorts area in play for now.
Short Setup:
If price is able to pullback slightly to our level of resistance and hold it then there would be some good opportunities to enter short here as we'd have then resistance area at this level as well as the EMA's but until price reaches this level we need to be patient and wait.
Long Setup:
If price comes back to the area of resistance and breaks it, on a retest for support there could be some good long opportunities with the EMA's holding as support but until the market gives us an indication that it is heading to the upside we need to be patient and wait until we have confirmation.
Disclaimer:
This is my opinion on this asset at the time. This is not financial advise. Don't take this trade blindly, do your own analysis first before entering. Feel free to use this analysis to assist you with yours. Feel free to leave any comments you have. Good luck!!!
Price is currently below all of the EMA's so there is a strong bearish indication. Price is also pushing lower which again indicates that there is a lot of bearish pressure for this market so for us only shorts area in play for now.
Short Setup:
If price is able to pullback slightly to our level of resistance and hold it then there would be some good opportunities to enter short here as we'd have then resistance area at this level as well as the EMA's but until price reaches this level we need to be patient and wait.
Long Setup:
If price comes back to the area of resistance and breaks it, on a retest for support there could be some good long opportunities with the EMA's holding as support but until the market gives us an indication that it is heading to the upside we need to be patient and wait until we have confirmation.
Disclaimer:
This is my opinion on this asset at the time. This is not financial advise. Don't take this trade blindly, do your own analysis first before entering. Feel free to use this analysis to assist you with yours. Feel free to leave any comments you have. Good luck!!!