GBPUSD - Bear Trap
The last 3 days of the prior week are of interest.
Wednesday - we see price break the prior swing low of 1.30020. Technically a confirmed close Break of Structure. This change in character of a lower low, shifts the minds of traders to a potential change in trend. This may encourage the shorts.
Thursday/Friday - we see 2 inside bullish bars as price is supported and closes above the prior swing low close.
This price action on the surface looks to a bear trap, in the context of the current Uptrend.
If this is the scenario, then the Smart Money are simply accumulating before the next push up towards 1.3500.
Wednesday - we see price break the prior swing low of 1.30020. Technically a confirmed close Break of Structure. This change in character of a lower low, shifts the minds of traders to a potential change in trend. This may encourage the shorts.
Thursday/Friday - we see 2 inside bullish bars as price is supported and closes above the prior swing low close.
This price action on the surface looks to a bear trap, in the context of the current Uptrend.
If this is the scenario, then the Smart Money are simply accumulating before the next push up towards 1.3500.
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