After the trendline break
and a re-test of both the trendline
and the 1.4090-1.4070 zone which was a prior day significant range, I expect a downward movement for GBPUSD
as the simple and exponential moving averages have already crossed. One thing to look out for is the major news releases that are released soon which can blow the whole position. I recommend waiting for the data release to enter. As an extra confluence, I can spot 3 evening star candlestick
formations on the trendline
which is a sell signal, but again, the news can push GBPUSD
higher no matter what. Can be entered either way as it only has a 26 pip stop and a huge potential for gain because of the big risk-reward.