Weekly - Bearish Reversal Candle
Daily - Resistance @ 143.7 (end of the uptrend)
H4 - Support broken @ 143.35, push lower to Daily Support Level 142.2
H1 - On Retest of Support (now Resistance) @ 143.35.
I will be maintaining two positions, this trade to the H4 Support and another down to 142.2 or some Daily Bullish Price Action.
We can see our support zone ( red box ) has been respected before and price may find resistance at this level again, We are then expecting a bounce and move to the upside of about 100pips to our resistance zone where we will have our TP.
All the trades we take we place 2 of the same trades with the same SL in place, we will then set 1 trade with a 30ish pip TP...
1) A completed head and shoulders pattern @ key daily resistance @ 0.86002
2) A break of the trend line will warrant short entries
3) Downside target ~ Support zone @ 0.82971
Right, here we see this pair stuck in a range for the last two months or so, manufacturing data to be released on Monday morning for GBP. We will either see this pair break through the box and reach 1.34 or retrace down to 1.31 level.
Either way, take your pick, trade after the news if you wish, however, trade safe.
