Quick update on GBP pairs.
It's rallied into some key resistance levels on my charts. This could potentially signify exhaustion and lead to speculative selling/profit-taking in the very short term.
Keep a watch on the formation of this daily candle, if it posts some kind of inverted hammer or outside day, then I may look to sell some GBP pairs next week in...
Here is a nice simple day trade set up using my day trading strategy that I sometimes use. It relies on a few technical indicators and the ability to spot the current trend.
Trend = Bullish
Price = Above 50ema
Price Rejecting Daily Pivot Level
I cover the full set up and teach you how to spot these trade in my trading strategy guide that you can buy online now...
1.8400 even handle providing a very high probability structure short showing signs via previous resistance, divergence, loss of momentum and a descending channel.
Targets at the start of the channel.
GBPAUD (1H) - intraday bullish bias
The pair has achieved a series of higher highs after breaking through the resistance of 1.8110. We can expect the price action to test the daily resistance of 1.8330 in the coming hours. As the relative strength is inching towards the 80% area, both moving averages will act as support in case of a pullback.
Nice and simple double down candle on the 4h chart with higher high candle containing red wick. Price action should support the drop. RSI overbought as well.
Marked my tp and sl for you.
Let me know your thoughts.
GBPAUD still respects the boundaries of the rising channel .
on Friday pair has reached 1.87 level.
what is interesting about this level is that
first of all, it matches perfectly with the rising resistance of the channel and
secondly, we see that in the past this level was respected by the market.