YorshTrading

W24 - GBPUSD - SHORT on Trend, LONG on correction

Short
YorshTrading Updated   
FX:GBPUSD   British Pound / U.S. Dollar
We are on the downtrend dictated by the weekly and dailey charts.
We have a strong correction due to last week news on USD currency.

The price hit in multiple points the downtrend rezistence line (dailey chart)
On 1h chart we hace a corection of the last downtrend, matching the level 0.236 of fibonaci retracment.

I am expecting the correction to go to around 0.382 level.
Arguments to buy:
- missed weekly and monthly pivot
- on RSI indicator we are in the edging the overbaught zones
- we have a good uptrend movment
- we are over the 100 SMA indicator
There is the possibilty of a a hit around the 0.5 level

Arguments to short:
- there is a good rezistence line that holds
- even if we have a correction, on bigger time frame charts we are in downtrend movment

This are my target trades, but I will adapt them on the go
SHORT T1 - OP:1.27169 SL:1.27619 TP:1.26269 (90/45 pips)
LONG T1 - OP:1.27653 SL:1.27303 TP:1.28353 (70/35 pips)
LONG T2 - OP:1.27638 SL:1.27038 TP:1.29438 (180/60 pips)
Order cancelled:
a sell trade would have been completed.
did not entered the trade
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.