We can see based on previous price action that once the red area has been broken price falls to the support level highlighted at the bottom of the chart
Price has broken its daily trend line and came up for a retest
We are looking for a BEARISH candle to break the support zone so we can take a short position
On the 4hr TF and the daily TF, we can see divergence...
For GBPUSD I see price has tested a weekly decending trendline, its been rejected and currently stopped at resistance
I believe price will break the current trendline and retest an area near to it before falling to its next support level
(I actually think this pair will just bomb without much of a retracement but will have to wait and see)
1. Divergence on lower timeframes
2. We have approached a key level of resistance and price had failed to break through
3. When price reached this level previously it fell to the highlighed level of support
4. DXY is going up
Already entered last week and price retraced back towards the top, im holding this position and I have added another one in
As stated in a previous idea price took a bit of a dive but once price hit the daily level it retraced back to the top to test resistance.
I expect price to break this level and fall to the bottom again! Im still holding my initial sell
GBPUSD - SELL
SL - 1.27003
TP - 1.23571
Price has now reached a previous level where it took a big fall, im currently in the sell but i will wait for price to break what is now support before adding another one in
GBPUSD - SELL
SL - 1.26993
TP - 1.22907
Here we have an exciting opportunity to make some free money!! Sounds interesting right? GBPUSD pair had broken down the major support level recently on the daily chart. We have just seen the correction and it stayed within that downside channel followed by a nice pin bar on the 4h chart, bearish engulfing candle on the 1h chart which suggest the...