British Pound / U.S. DollarUpdated GBPUSD Trade Idea
In yesterday's analysis, I discussed about the long opportunity if price pullback to re-test the 1.3617 technical support zone with trendline confluence for bullish continuation opportunity. However, bearish momentum took place and violated the trendline & support zone. Currently, price is having an exhaustion, will be looking for short-term selling opportunities if the bearish momentum continues with 1.3440 zone as the initial target. Two setups that I will be focusing on
1. Wait for a pullback towards 1.3615 for a valid break & re-test setup
2. A breach of the exhaustion pattern (Eg. flag, pennant)
Do pay attention to 1.3547 zone, if price again fail to break that level it could be potential double bottom reversal shifting the momentum back to bullish side.
Trade safe.
Do follow my profile for daily fx forecast & educational content.
1. Wait for a pullback towards 1.3615 for a valid break & re-test setup
2. A breach of the exhaustion pattern (Eg. flag, pennant)
Do pay attention to 1.3547 zone, if price again fail to break that level it could be potential double bottom reversal shifting the momentum back to bullish side.
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.