". There is still a possibility of temporary retracement to the suggested resistance line (1.9665).
if so, traders can set orders based on Price Action and expect to reach short-term targets."
. GBPNZD is in a range bound, and the beginning of a downtrend is expected.
. The price is above the 21-Day WEMA, which acts as a...
Please be cautious when trading the head and shoulders breakout on this pair as it could result in a reversal. If the breakout is confirmed then look to continue buying but if the price shows signs of closing back below the arrow marked then get out because this could drop aggressively.
Daily: Bearish engulfing candle after upper trendline line touch
Price is in an ascending channel
Overall trend = downtrend
LTF correction towards the upper trendline line, Indicating us that price could reject the upper trendline and move to the downside
Price broke out of the LTF correction, need to wait for a correction before an entry
Need to wait...
If you look to the arrow marked you will notice a purge of support, we are now looking to purge the resistance.
ideally, I would like to see a slight pullback to the most recent structure before upside continuation to the liquidity.
After yesterdays Bank of England announcements all GBP pairs have spiked upwards. I would expect a retrace on this soon before generally continuing upwards. I am bullish on GBP in the long term but there should be some short term shorting opportunities coming. This is also at a big monthly and daily resistance level which should make a drop more likely, and at the...
So a very similar trade to our last one which was posted earlier which we cut our losses from: (What goes up must come down)
So what we can see here, the British pound has spiked throughout all currency pairs today which is the 04/02/21.
The main cause to this i believe is 'BOE Rapid U.K Rebound Following Johnson's vaccine push' headline news.
But as we can see...
As we can see we are inside a consolidation zone. Inside in this area we have noticed that we have formed a strong trendline that represents support, and we have broken this support after 7 hours of trying.
Now we will wait for the retest of this Support which is now resistance and again the Bearish movement until the touch of our Target.