Hi all,
I did a very basic but clear trend analyses.
Currently GBPUSD appears to be a downtrend. We have hit a resistance zone, there is some evidence building that a counter trend move is developing.
To clarify this evidence we have to drop to the lower timeframes, in this case the 15 minutes;
In this chart we see that price came to a halt at this level, we see a Doji, followed by a candle with elongated wick, which in my opinion is a clear exhaustion signal. After this candle we see price edging higher.
I am looking to go back up untill the level indicated by the Light-blue line (1.41862). I am looking to short this when price is showing exhaustion (continuation of the Bearish/Downtrend) between this level and the 1.42458 level (Recent double top). If the latter is broken, the downtrend is non-existing.
Let me hear your opinion on this Pair
I did a very basic but clear trend analyses.
Currently GBPUSD appears to be a downtrend. We have hit a resistance zone, there is some evidence building that a counter trend move is developing.
To clarify this evidence we have to drop to the lower timeframes, in this case the 15 minutes;
In this chart we see that price came to a halt at this level, we see a Doji, followed by a candle with elongated wick, which in my opinion is a clear exhaustion signal. After this candle we see price edging higher.
I am looking to go back up untill the level indicated by the Light-blue line (1.41862). I am looking to short this when price is showing exhaustion (continuation of the Bearish/Downtrend) between this level and the 1.42458 level (Recent double top). If the latter is broken, the downtrend is non-existing.
Let me hear your opinion on this Pair
January 3rd, 8th and 9th
April 5th
This level shows confluence with the 50% fib retracement as well;
1h chart.
Trendline visibility on the daily chart;