eraxular

GBPUSD in an interesting position...

Short
FX:GBPUSD   British Pound / U.S. Dollar
As we are getting closer to the next trading week I am keeping a close eye on GBPUSD next week. We have seen very strong bearish momentum recently and I do believe it will carry on selling off however there needs to be some sort of correction/retracement before this bearish move continues. Price is currently respected a nice little descending trend line which gives me a slight confluence to believe this may be a buy level for myself however I will not be surprised if we see a bigger move to the upside potentially even coming up to the highly respected 1.4000 level. Overall I am still currently bearish on this pair and am looking forward to seeing how the next week goes.

Please let me know what you guys think on this pair and what you think of this small bit of analysis :)

Happy Trading!!!
Comment: Slight update, GBPUSD has been on a mission to sell off even more and now we are sat a highly respected level of structure, I think sellers need to have a rest and gain more energy so the meantime I think for today we could see a slight bullish pull back. Overall however I am still sell bias

Comments

Great analysis, i am keeping my eye on this pair this week.

So what entry points are you looking out for?
+1 Reply
I think price could reverse where your TP is as there is an unmitigated order block sat there from Feb 2021. But yea if it does reverse from there I expect price to hit 1.40000
Reply