4hr supply zone has held, pushed Price downwards and broken the upward trend channel that has contained Price movement since last week.
I have a chart pattern which correlates with the current Price movement in play which signifies that we have enough momentum to see 1.2511 today with the help of NY PMI news or probably this week.
3 Points rejection on a 4hrs...
GBPUSD seemed to recover a bit after few days of being bearish. FOMC is expected to increase interest rates by 25 basis points and it will be interesting to see how the markets behave.
Welcome to my second trend angle analysis for GBPUSD. Previous trend angle buy analysis was a huge success. Presented is a 1hr sell analysis within an ascending channel.
Within my set chart dimension the trend angle sell off top channel resistance is around 21-22 degrees. Given continuous pattern I sentiment a bottom channel support retest which lines up with our...
GBPUSD is has given us multiple confirmations on this trade:
The Analysis is Done On The 4 Hour + Daily, The Trade Is Placed On The Daily
On the 4hr we have:
Divergence
StopHunt
On the Daily we have:
Break of Structure
Retest Of Structure
Also The BXY(GBP Index) is showing signs of strength indicating most GBP pairs are gain strength
Currency Pair: GBPUSD 0.09%
BUY Limit Entry Price:1.31
Take Profit:1.32260
Stop Loss:1.29950
Capital Risk:500USD(amount may vary depending on your account size and risk tolerance)
Potential Reward: 600USD
Risk/Reward: 1:1.2
The sliding parallel of a rising channel (light blue), the upper parallel of the descending channel (orange), the 0.618 fib retracement of previous drop and previous structure (purple) all consist a powerful sell zone to watch for shorts.
Cable is at a important support @ 1.49.
If it is to go further down (which is likely), Bull will wait to put a fight @ 1.482x to 1.485x region..
Once the rate hike frenzy is over and if the pair is to hold 1.49x strongly, we shall see it visit 1.50 again..
Wave Analysis: Down
PA: Down
I am netural for now//
