GBPUSD Trade Idea
In yesterday's analysis, I expected GU to have another failure at 1.3740 key resistance zone followed by some rollover + reversal towards the 1.37 - 1.3620 support zones, which was exactly what the market performed. A breakdown of yesterday's forecast, I noticed a potential busted broadening top pattern forming around the 1.37 key resistance zone with double top confluence, price began selling-off at the 0.5 fib level from the top of the broadening top formation exactly according to my criteria, my short entry was taken with a pending order at the bottom band of the formation after the re-test. In today's trading session, I will be favoring short-term selling opportunities, these are the setups I'm looking at
1. As there's a bottom trendline acting at a dynamic support of GU on the 1h & 4h charts, I'd like to see a deeper pullback or some sort of consolidation against the trendline showing further weakness and downwards breakout possibility. Targets are 1.3620 & 1.3540 support zones (Bearish)
2. If we notice the trendline again being respected pushing price upwards, we could expect another push towards 1.3740 resistance zone (Bullish)
However, do not forget the overall trend on the higher timeframe remains bullish.
Trade safe.
Do follow my profile for daily fx forecast & educational content.
1. As there's a bottom trendline acting at a dynamic support of GU on the 1h & 4h charts, I'd like to see a deeper pullback or some sort of consolidation against the trendline showing further weakness and downwards breakout possibility. Targets are 1.3620 & 1.3540 support zones (Bearish)
2. If we notice the trendline again being respected pushing price upwards, we could expect another push towards 1.3740 resistance zone (Bullish)
However, do not forget the overall trend on the higher timeframe remains bullish.
Trade safe.
Do follow my profile for daily fx forecast & educational content.
הערה
Previous analysis
כתב ויתור
המידע והפרסומים אינם אמורים להיות, ואינם מהווים, עצות פיננסיות, השקעות, מסחר או סוגים אחרים של עצות או המלצות שסופקו או מאושרים על ידי TradingView. קרא עוד בתנאים וההגבלות.
כתב ויתור
המידע והפרסומים אינם אמורים להיות, ואינם מהווים, עצות פיננסיות, השקעות, מסחר או סוגים אחרים של עצות או המלצות שסופקו או מאושרים על ידי TradingView. קרא עוד בתנאים וההגבלות.