UPDATE ON GBP/USD ANALYSIS
GBP/USD 1H - As you can see price is trading us in a bullish way, its yet to break the last high that was set in this bearish leg however I feel we will get this break soon.
I want to see price continue putting in this bullish correction trading us up and into the Supply Zone I have gone ahead and marked out for you all above. Once price trades into that we can look for shorts.
As you all can see price is trading in a bearish way putting in lower highs and lower lows. What we are witnessing at the moment is simply a correction before the next impulse to the downside.
We could look to take part in this correction buying in on a pullback, we just need to go down on timeframes and find relevant areas of Demand in order to buy from. Its important we manage any buy trades carefully as we are trading against the higher timeframe prevailing trend.
I will be looking to go short once we have the confirmation of the next bearish impulse, this will come after price penetrates the area of Supply above, flipping the S&D balance.
I want to see price continue putting in this bullish correction trading us up and into the Supply Zone I have gone ahead and marked out for you all above. Once price trades into that we can look for shorts.
As you all can see price is trading in a bearish way putting in lower highs and lower lows. What we are witnessing at the moment is simply a correction before the next impulse to the downside.
We could look to take part in this correction buying in on a pullback, we just need to go down on timeframes and find relevant areas of Demand in order to buy from. Its important we manage any buy trades carefully as we are trading against the higher timeframe prevailing trend.
I will be looking to go short once we have the confirmation of the next bearish impulse, this will come after price penetrates the area of Supply above, flipping the S&D balance.
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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.