800 EMA below price
Good structure for Fibs
Support and resistance
I am waiting for a likely push down in the morning and then another good push to the upside! There is many ways for this to go sideways at the moment! I am also looking at divergence on this pair to see if I can capture a scalp!
I am also waiting upon what could be a bad day for £ as...
GBP/CAD at retracement level.
Following a large drawdown of 160 pips, the GBP/CAD is at the 0.5 Fibonacci retracement level. Previous false breakouts have occurred on the 4th June and 8th June - price action tends to repeat itself so this breakout below the trend channel is likely to be false too. The hourly stochastic is giving an oversold signal, along with the...
This trade set up is for GBP/USD based off of the 4H chart.
Now we can see price action failed at the 61.8% Fib level on 3 occasions over 2 days. This failure supports the theory that price action is simply taking a break from moving up after a long period of gains.
The market appears to be rejecting any further decline past the 61.8% fib level...