GBPUSD Retest Completed, Downside Continuation Imminent
The price recently broke out of the ascending channel (4H) and now appears to have retested resistance. The price seems to be rejecting resistance around 1.27337 and converging with the 38.2% Fibonacci retracement level. It seems to have failed to make a new higher high, forming a lower high instead. I anticipate that the price will continue to move downward.
**Rationale:**
~ Breakout of channel
~ Retest of resistance level
~ Resistance and 38.2% Fib retracement convergence
~ Rejection candlestick patterns forming
~ Possible lower high forming
**Disclaimer:**
My trading ideas are market predictions and therefore should be viewed as such. As an intraday trader (scalper), I use my observations to identify potential trade opportunities on the higher time frames. I then aim to pinpoint key entry points on the lower time frames. Entries should always be verified by additional confirmations.
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#scalping
#intraday
**Rationale:**
~ Breakout of channel
~ Retest of resistance level
~ Resistance and 38.2% Fib retracement convergence
~ Rejection candlestick patterns forming
~ Possible lower high forming
**Disclaimer:**
My trading ideas are market predictions and therefore should be viewed as such. As an intraday trader (scalper), I use my observations to identify potential trade opportunities on the higher time frames. I then aim to pinpoint key entry points on the lower time frames. Entries should always be verified by additional confirmations.
---
#scalping
#intraday
Disclaimer
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