Just wanted to share my own analysis of GBPUSD on the 1h timeframe.
Sorry for all the abbreviations but happy to explain if anyone is at all interested.
I will be looking to buy on a retracement to 1.35 and target the current high of the day.
A strong day of selling yesterday and a solid move through 1.6075 QN.
Price has already continued down early today and is retesting the upsloping TL
I expect price to continue down now and retest 1.5925 and the next upsloping TL
Price made a strong move up yesterday to test the downsloping TL.
Looking for more momentum up through London & NY to get an idea if price can stay above this area.
152 WN was held strongly through yesterday's trading.
For the 3rd day straight price has traded within last Wednesday's range.
9-day Tenkan is proving tough to break upwards and the idea that price will retest the upsloping trendline is still valid.
*Very clear boundaries are set on this pair with Buyers happy to Buy from 1.4950 HN and Sellers happy to sell at increasingly lower prices.
*At some point the true break will occur and will be a fantastic trade.
*Price is being held under the 9 day Tenkan which is starting roll over.
*Looking for price to move thru 1.8750 HN and retest Weekly Upsloping Trendline.
*Price has traded for past 2 days within previous Wednesday Range.
*Expecting a move up to 1.6225 QN area and possibly take out liquidity above last week's highs.
*Sellers should then come back into the market and sell down past 1.6075 QN.
