GBPUSD ANALYSIS
Weekly We have just faced a resistance on level 1.32870 it has been a resistance since September 2019 it has been respected again and we have a bearish engulfing candle which signals a downward trend
Daily
We have a morning star which shows a reverse of the the uptrend and it has just bounced of the weekly trend line a sign of more downward pressure
4H they is a long wick on the engulfing bearish candle which shows the bears are in charge. The price spend 2 day bouncing of the trend line with also show us the strength of our trend line price have a tendency of moving fast after this zone and we can expect a high momentum move downside
The first target is 1.29650 in the long run we will reach 1.20030
Entry point market execution
Stop loss 1.31070 reason for this sl is that was the previous high so it's a downtrend lower high and low lows if it's broken market structure has changed
Weekly We have just faced a resistance on level 1.32870 it has been a resistance since September 2019 it has been respected again and we have a bearish engulfing candle which signals a downward trend
Daily
We have a morning star which shows a reverse of the the uptrend and it has just bounced of the weekly trend line a sign of more downward pressure
4H they is a long wick on the engulfing bearish candle which shows the bears are in charge. The price spend 2 day bouncing of the trend line with also show us the strength of our trend line price have a tendency of moving fast after this zone and we can expect a high momentum move downside
The first target is 1.29650 in the long run we will reach 1.20030
Entry point market execution
Stop loss 1.31070 reason for this sl is that was the previous high so it's a downtrend lower high and low lows if it's broken market structure has changed