GBPUSD - Probable Long.
Updated
From the recent Swing Down, we have seen this really strong rally on the Pair. This comes from the Test of a Swing Low on the Daily Time Frame.
Shows that the momentum is to the upside. Although, we are entering a Sell Zone on the Daily Time Frame, hourly shows a clear bullish strength which may take us into the sell zone in the next couple of trading sessions.
My idea would be to look for a long entry in the Demand Zone marked. Various Price Action techniques can be used here for the Entry. I will probably be looking for a strong Reversal on the Lower Time Frame.
In any case, if my anticipation is wrong about the bullish bias, I would wait for further Price Action to give me any information before engaging the market.
Shows that the momentum is to the upside. Although, we are entering a Sell Zone on the Daily Time Frame, hourly shows a clear bullish strength which may take us into the sell zone in the next couple of trading sessions.
My idea would be to look for a long entry in the Demand Zone marked. Various Price Action techniques can be used here for the Entry. I will probably be looking for a strong Reversal on the Lower Time Frame.
In any case, if my anticipation is wrong about the bullish bias, I would wait for further Price Action to give me any information before engaging the market.
Note
Seems like GBPUSD got away from my Entry. Took the money off of my table. There's more to the pair as it gives a continuation.
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.