Sentiment: Strongly Bearish
Due to oversold status of GBPUSD at smaller timeframe, I am expecting a short term Buy to 1.24262 [this level serves as the weekly pivot point and also 0.618 FIB LeveL]. I will use a trailing stop of 30 points till 1.24262 to avoid a sharp down in price. I will continue using a trailing stop to guage my profit should the market continue uptrend in short term. A rejection at any minor LeveL: 1.24262 or 1.24765 signifies a continuation of down trend. Let's say Price is rejected at 1.24262, then I will enter short for long term to 1.2296 [Strong Support Buying LeveL]
Due to oversold status of GBPUSD at smaller timeframe, I am expecting a short term Buy to 1.24262 [this level serves as the weekly pivot point and also 0.618 FIB LeveL]. I will use a trailing stop of 30 points till 1.24262 to avoid a sharp down in price. I will continue using a trailing stop to guage my profit should the market continue uptrend in short term. A rejection at any minor LeveL: 1.24262 or 1.24765 signifies a continuation of down trend. Let's say Price is rejected at 1.24262, then I will enter short for long term to 1.2296 [Strong Support Buying LeveL]
Trade closed: target reached
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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.