Please see above our analysis of Gbpusd.
We posted a long set up last week for this pair however it appears we were slightly pre-mature with the set up. This should of been identified with the descending daily channel that we are currently in and the bearish flag we identified last week but we missed the descending channel.
After identifying this we can clearly see we should expect some bullish pressure with the top of the channel in sight. Plenty opportunities will arise to get in on this pair along the way back to the top of the channel.
You can look for entries now on lower time frames with stops below the recent low or wait for further confirmation with some new 4hr structure again with stops below the new low.
As always let me know your thoughts on this pair and where you think were headed in the comments below.
Have a brilliant week!
The Fx Chartist
We posted a long set up last week for this pair however it appears we were slightly pre-mature with the set up. This should of been identified with the descending daily channel that we are currently in and the bearish flag we identified last week but we missed the descending channel.
After identifying this we can clearly see we should expect some bullish pressure with the top of the channel in sight. Plenty opportunities will arise to get in on this pair along the way back to the top of the channel.
You can look for entries now on lower time frames with stops below the recent low or wait for further confirmation with some new 4hr structure again with stops below the new low.
As always let me know your thoughts on this pair and where you think were headed in the comments below.
Have a brilliant week!
The Fx Chartist