GBP/USD- Short from resistance

25 בינו׳ 2022

Last week we were looking for a long trade on this pair after we saw a break of the long-term trend line, but it turned out that it was a false breakout and we formed an engulfing pattern on the weekly timeframe. Now our bias has switched to short and we will look for the price to push a little lower, and then make a retrace back into the trend line, which also aligns with the S/R area. If we see the price rejecting that area, we will look for trades short, as the price would make a lower high as well, which would show even more bearish bias in the market.