GBPUSD: Bearish Momentum Post-CPI Revisions
Following Friday's CPI revisions, GBPUSD showcases a clearly defined channel, accentuated by a false breakout on the upper channel during Monday's early session. Anticipating a short trade post-breakout of the lower channel, I'll be vigilant for entry signals on lower timeframes, seeking confirmation through the following confluences:
Trade Safe
- Bearish Price Action
- Bearish Candle Formation
- High Volume Candle
- Divergence between Price Action and Volume
- Divergence between Price Action and Money Flow Index
- Utilization of Volume Profile to pinpoint Fine-Tuned Support and Resistance for optimal Take Profit and Stop Loss Placement.
Trade Safe
Note
probability of break out of lower channel became lower as the price went up
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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.