We just saw support break on H4 timeframe. This might show potential downtrend for GBPUSD. If today's D1 close with bearish candle, it might indicate stronger downtrend pressure, ideal for swing short entry.
Following yesterday's resistance breakout, we are expecting price to retrace back into 104.380 (previous resistance) before bouncing back to next resistance area (104.700). Bullish pennant is forming at lower time frame at the moment, which indicates another potential for bullish run.
Short bias for EURUSD.
Pay attention when price enters yellow area. Any sign of reversal (candlestick patterns, smaller time frame reversal pattern) in this area should be considered for short entry.
Once price rejected yellow area & going down, it could be looking for demand area (green). Price could reverse back here & we will study price action in this area,...
Head & shoulder pattern forming on GBPUSD H1, indicating that buyers lose interest at the top of the price. We are looking for short if neckline is broken & entry on retest. Check nearby support for target profit. Could drop a bit more if price can't hold H1 support area.
