British Pound / U.S. DollarUpdated GBPUSD Trade Idea
In yesterday's analysis I discussed about the potential rejection zones on GU (1.3620 & 1.3660). As the market completely violated the 1.3620 minor resistance zone, 1.3660 resistance zone will be the re-test area. Currently looking for short-term selling opportunities, there are two scenarios that I am looking at
1. Rejecting 1.3660 resistance zone ONLY with a clear entry trigger (candlestick pattern), with 1.3542 as the initial target, if the bearish momentum is strong we'll be extending the target to 1.3480 key support zone (Bearish)
2. Grinding & slow rotation towards the upside re-visit 1.37 key daily resistance. Be aware if price approaches 1.37 resistance zone as it shows the amount of buyers' willingness to pay at such a high price. Avoid having any breakout setup unless 1.37 resistance zone is clearly breached (Bullish)
As the current market condition is showing overbought condition, I will be favoring short opportunity due to the risk-to-rewards. However, the overall trend on the higher timeframe remains bullish.
Trade safe.
Do follow me for daily fx forecast & educational content
1. Rejecting 1.3660 resistance zone ONLY with a clear entry trigger (candlestick pattern), with 1.3542 as the initial target, if the bearish momentum is strong we'll be extending the target to 1.3480 key support zone (Bearish)
2. Grinding & slow rotation towards the upside re-visit 1.37 key daily resistance. Be aware if price approaches 1.37 resistance zone as it shows the amount of buyers' willingness to pay at such a high price. Avoid having any breakout setup unless 1.37 resistance zone is clearly breached (Bullish)
As the current market condition is showing overbought condition, I will be favoring short opportunity due to the risk-to-rewards. However, the overall trend on the higher timeframe remains bullish.
Trade safe.
Do follow me for daily fx forecast & educational content
Note
Previous analysis
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.
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.