Gbpusd Possible sell for 100+ pips
Updated
GBPUSD analysis: after our recent 112 pip win we are now seeing a test of the resistance line. The bulls that rode this with me had a similar TP and now that it hit most of us have sold causing exhaustion in this pair. On top of it being overbought on the 4 hour and on a continuation of a downtrend, we are looking for a sell. I have placed a maroon trend line to confirm the push down. If price breaks this maroon trend line we will see a bear market. This could be at least another 100 pips downwards for now we wait.
We don’t chase the market so be patient with this move.
Note
Price has skyrocketed past the point I considered structure. This may very well push to next resistance point and we will review what happens next after we see more candles.
Order cancelled
We took a bullish trade due to confluences being met and we lost the trade. Market has been consolidating but I feel that there will be a bull run soon due to the USD pairs are becoming weak. For now I will consider this trade no longer valid and I will make another tides soon once price adjusts itself.
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