4H Analysis on GBPUSD
Updated
Hello traders. On this 4H analysis of GBPUSD, we have a recently tested resistance level in the 1.36000 region. This level has just been retested and a good entry reason for this short position was the confirmation of the bearish engulfing candlestick pattern on the 4H TF. The projected target is in the 1.34300 region.
If a good entry on this setup was missed at the second retest of the resistance level, the support at the neckline in the 1.35100 region may be another entry point if the conditions are right.
If a good entry on this setup was missed at the second retest of the resistance level, the support at the neckline in the 1.35100 region may be another entry point if the conditions are right.
Order cancelled
Price has broken above our resistance level before heading to our target. Price may continue to rise in an effort to break out of the descending channel. If this happens, an uptrend is expected as the new direction of the market.
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