GBPUSD NFP, TRICK OR TREAT??
a change in trend direction can only be warranted by break of both highs and lows. we all know that yeah!! {yeees}
on the daily timeframe, a daily close above 1.2738, is what would warrant a shift in trend direction. that didn't happen because we have more downside ground to cover.
i see three possible ways this cable could stretch out. all leading to atleast 1.2578, and eventually further below
today's daily candle close is below previous days support signifies strong bearish continuation.
However aka {oh shoot}, we have the infamous NFP later today. known for being erratic, ''sniper'' entries would be at 1.2738, one more retest, worst case scenario would be at 1.2812 which is the intra-day bearish structural retest.
a wick above 1.2812 is what or me would invalidate my bearish perception on cable. bombs away
on the daily timeframe, a daily close above 1.2738, is what would warrant a shift in trend direction. that didn't happen because we have more downside ground to cover.
i see three possible ways this cable could stretch out. all leading to atleast 1.2578, and eventually further below
today's daily candle close is below previous days support signifies strong bearish continuation.
However aka {oh shoot}, we have the infamous NFP later today. known for being erratic, ''sniper'' entries would be at 1.2738, one more retest, worst case scenario would be at 1.2812 which is the intra-day bearish structural retest.
a wick above 1.2812 is what or me would invalidate my bearish perception on cable. bombs away
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.