A Great Deal of Bearishness Expected on the GBPUSD
From our analysis of this pair in the previous weeks, we saw a good amount of bearishness.
With the close of last week, this pair witnessed a bullish reversal on the 1 hour and 4 hour timeframes, invalidating our bearish zones and PBs and going all the way into the north.
Today, we are beginning to see another round of bearishness. On the 1-hour, the market has already reversed bearish with the breach of our bullish PB.
We are setting up for a short trade position, and we will look to take it when we get the needed retracement.
With the close of last week, this pair witnessed a bullish reversal on the 1 hour and 4 hour timeframes, invalidating our bearish zones and PBs and going all the way into the north.
Today, we are beginning to see another round of bearishness. On the 1-hour, the market has already reversed bearish with the breach of our bullish PB.
We are setting up for a short trade position, and we will look to take it when we get the needed retracement.
Trade active:
On the 4 hour chart, the market is in a bullish PB. We can currently see prices pulling back bearish. It is expected that price is heading for our refined zone of the 4 hour chart. From there, we would expect to see some bullish reversal, if the 4 hour setup is to hold.
On the 4 hour chart, the market is in a bullish PB. We can currently see prices pulling back bearish. It is expected that price is heading for our refined zone of the 4 hour chart. From there, we would expect to see some bullish reversal, if the 4 hour setup is to hold.
