GBPUSD has turned bearish on the consolidation resistance is near to break below. Covid situations and Brexit agreement complication is a hurdle for bulls to clear. Bais has turned negative and a sell trend is ready to hit 1.31500 again.
What is happening here?
We can clearly see that the price is currently on a descending channel, the price broke the resistance line which is the top yellow one to induce retail traders to buy.
After the market maker makes his move he's going to stop inducing retail traders to long (buy), and shift from that zone to a major bearish move.
Wait for StopHunt to the...
If GPBUSD fails to break the resistance, a possible sell move is awaiting. A break above 1.3700 will open a way for buyers with more confidence, on the other side, if resistance rejects the pair again will node down to the 1.3300 level.
The daily chart of gold has broken clearly above the intermediate trendline, confirming a cycle breakout and subsequent 6-month low in late November. Precious metals should rally into at least March, but April or May is more likely before correcting into the next 6-month low. My minimum target for this advance is $2300.
USD remains under pressure to push the counterpart, EUR flies higher breaking out the channel on 1.1900 level, found support on 1.2080 level and the target is set to achieve 1.2300 level soon.
made a few mistakes entering a trade straight from waking up, but think itll come back down from the 1790s, possibly to even 1758, if not today some point this week potentially. let me know what you think.
Just having a play around with trying to draw trend lines, and just analysing the past market, i'd love to hear your ideas, let me know if you have any advice or tips!
