British Pound / U.S. DollarUpdated GBPUSD Trade Idea
In yesterday's analysis, I expected GU to have another bearish rejection from 1.3740 violating the bottom trendline, which was exactly what the market performed. In today's trading session, I will be focusing on short-term selling opportunities. As price is still within a ranging condition which provides no clear resistance structure, since we're looking for opportunity for bearish continuation setup. Personally, will be using the Fibonacci as my entry guide. 1.37059 (0.5 fib) & 1.37179 (0.618 fib) are levels measured from yesterday's high (1.37574 level), I'll be using Fib levels + candlestick pattern as my entry trigger. If it shows further bearish momentum, 1.3660 & 1.3620 support zones are possible targets.
However, do not forget the overall trend on the higher timeframe remains bullish, I'm only trying to capitalize on the short-term bearish sentiment in the market.
Trade safe.
Do follow my profile for daily fx forecast & educational content.
However, do not forget the overall trend on the higher timeframe remains bullish, I'm only trying to capitalize on the short-term bearish sentiment in the market.
Trade safe.
Do follow my profile for daily fx forecast & educational content.
Note
Previous analysis
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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.