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)
Price is still bearish IMO and I still stand by my original analysis BUT I have seen that we reached an area of support (which was once resistance) that price has reached and bounced off of.
I believe price will now come down and breakthrough this level and go to its next highlighted level of support.
I am basing this analysis off of divergence and previous price action.
This pair is still bearish and I am waiting for a fall, price will need to break support (level 1) before we enter another sell.
I intend to TP at level 2 BUT if price is gaining momentum and signals are showing that price will continue falling then we will adjust the SL to the level below (Level 3)
Price may again come up for a retest of the previous level, if...
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
Looking for a potential GU SELL, targeting TP AREAS. (30+ PIPS)
Looking to bank 150 PIPS if market holds bearish momentum
- Strictly looking to execute entry on price action, reversal candle, exhaustion candle
- If price breaks through sell area 1 with bullish momentum, look to take sell in sell area 2 (Price Action etc)
After the initial retracement today I expect to see this pair reverse and continue the downtrend, I will await confirmation of this before entry
We are looking for rejection around the resistance level which is marked on the chart and then a drop-down to the green area
As we can see from this chart price broke support as I said in my previous chart and is now retracing, It will head towards a level of resistance where we will look for another SELL!!
Lets keep it rolling!!
If price can break the support zone then we can continue the trade down to the green area
A lot of consolidation in the market these days so don't trade unless you're sure of the trend!
Wait for a clear indication price is going down before placing
GBPUSD - SELL
SL - 1.26285
TP - 1.23611