GBP/USD Trade Analysis, Downtrend may continue
Disclaimer:
Any of the content presented on my page showing my analysis of the market is just that, an analysis which means this is my personal opinion of where the price is going to go. Do not by any means take this simple analysis for a reason to enter a trade, I am not presenting these analyses as a form of signals, simply a way to get feedback and opinions from others on how my trades look. Take this trade at your own risk, but know forex is a risky market that you can make a lot of money but can lose that money or even more just as fast, enter these markets with your own risk and good luck with your trading :).
Daily Analysis:
Recently you can see that price has been on a pretty steady downtrend until reaching the area of 1.32000, the price was not able to break this zone with the initial push. When the price got out of this consolidation, instead of continuing downwards, it had a very hard time breaking this zone and made a good push to the upside. At this point in time, the bulls had a lot of momentum and showed little to no weakness until they reached the 1.37500 area, you can see that the downtrend from before (Green Line) is well respected even with this much momentum. This could mean that the bulls finally reached a breaking point and are starting to show weakness, which could continue this potential downtrend in the near future. You can even see a pin bar and two bearish candles with a third one forming right now, this just confirms it even more that there are no more bulls in the game right now. We still need more confirmation from the lower time frames to get into a trade, but things are looking like the bears will be taking the spotlight this week.
Hourly Analysis:
We can see that price all throughout today kind of consolidated but is finally making a big move to the downside. This could be a potentially good trade and even a good time to get into the trade due to the upcoming volatility brought along with the EU Trading session. If this current candle can keep that momentum for the final few minutes, this could be a good confirmation candle. Even though everything is looking very good at this point I am going to risk very little on this trade until I get more information by tomorrow morning.
Any of the content presented on my page showing my analysis of the market is just that, an analysis which means this is my personal opinion of where the price is going to go. Do not by any means take this simple analysis for a reason to enter a trade, I am not presenting these analyses as a form of signals, simply a way to get feedback and opinions from others on how my trades look. Take this trade at your own risk, but know forex is a risky market that you can make a lot of money but can lose that money or even more just as fast, enter these markets with your own risk and good luck with your trading :).
Daily Analysis:
Recently you can see that price has been on a pretty steady downtrend until reaching the area of 1.32000, the price was not able to break this zone with the initial push. When the price got out of this consolidation, instead of continuing downwards, it had a very hard time breaking this zone and made a good push to the upside. At this point in time, the bulls had a lot of momentum and showed little to no weakness until they reached the 1.37500 area, you can see that the downtrend from before (Green Line) is well respected even with this much momentum. This could mean that the bulls finally reached a breaking point and are starting to show weakness, which could continue this potential downtrend in the near future. You can even see a pin bar and two bearish candles with a third one forming right now, this just confirms it even more that there are no more bulls in the game right now. We still need more confirmation from the lower time frames to get into a trade, but things are looking like the bears will be taking the spotlight this week.
Hourly Analysis:
We can see that price all throughout today kind of consolidated but is finally making a big move to the downside. This could be a potentially good trade and even a good time to get into the trade due to the upcoming volatility brought along with the EU Trading session. If this current candle can keep that momentum for the final few minutes, this could be a good confirmation candle. Even though everything is looking very good at this point I am going to risk very little on this trade until I get more information by tomorrow morning.
