GBPUSD Short Trade opportunity
Looking at the previous 4 weeks, GBPUSD has ben finding difficulty breaking past the 1.28000 area. With last weeks indecisive doji close, it gives me more confirmation that we can see price in the short-term reach 1.25000 area. However my overall medium term bias is still to the upside. On the higher timeframe, we can clearly see GBPUSD is in a state of correction meaning we need to adapt our plan to trade within a range of price. 1.28000 as the height of the range and 1.25000 as the depth of the range.
For the upcoming week, I am looking for Sell opportunities. I will be looking for any form of continuation pattern in the form of a bearish flag. On the H1 chart, we can clearly see an impulse move after the 1.27400 area was tagged. Next is to see a continuation pattern develop. Once I see that, my plan will be ready to be executed with a minimum of 20pip stoploss for a reduced risk entry.
For the upcoming week, I am looking for Sell opportunities. I will be looking for any form of continuation pattern in the form of a bearish flag. On the H1 chart, we can clearly see an impulse move after the 1.27400 area was tagged. Next is to see a continuation pattern develop. Once I see that, my plan will be ready to be executed with a minimum of 20pip stoploss for a reduced risk entry.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.