Welcome traders to a free analysis breakdown.
Today I am highlighting possible trade ares on GBPUSD if you any questions on the pair let me know in the comment section below.
Once the pair gives us a valid trade entry I will be sharing the trade with the Alpha community, I hope you all found this breakdown helpful .
If you liked this free educational please...
Everything is explained on my chart really so i will just keep this short.
I am looking at opening some sells as soon as the spreads calm down and i will be holding to and possibly past my target.
If you would like to know more about my simple trading style then just message me :)
On the weekly price made a double top and is on its way down. On the daily chart we can see that price is now testing previous resistance as support. If price breaks through its current support then price should continue its downwards movement. The 4 hour chart has given me a clear wave pattern and weekly fib. 50% as well as 4hr 78.6% levels are being rejected...
Price has broken the daily trendline and is heading to the downside, despite my thoughts on this going long price is looking to fall early!
Currently waiting on a significant pullback before entry BUT you can still catch a few pips now.. I wont be entering just yet
After re-analysing this chart it appears we have a daily trendline which is being respected, I can see that price broke a level of resistance on the 1HR TF and is now retesting
Looking for a long opportunity on this pair
As you can see from our GREEN zone price broke through this and came back up to test it as resistance before dropping 80 pips and from here i can only see more downside moves as GBP is going to hell.
We might even get negative interest rates in 2021 which means you will be charged for money in your savings accounts.. you can imagine how many people will take...
We are currently at the breakout levels,
If GBPUSD, is able to take out the current lows
😋Then we would be in for nice profits while holding it to the downside.
As we have noticed it bouncing in and around the current level. A break and retest of that market level would be the beginning of sell entry.
Would personally be taking this trade if all criterias are met.
As shown by our purple arrows you can see where price has used our marked out zone as support and resistance over and over again, and this been the weekly timeframe makes this a strong level and setup, This also lines up with the 3rd touch of our trendline which will be valid if for the next 7 hours bulls can push price up allowing the weekly candle to close above...