GBPUSD Shor- Broke, Retraced, Resisted again by Rising Trendline
First, take a look at the Daily chart.
It is clearly going on a downtrend and based on the candlestick formed yesterday, a long upper shadow pin bar,
the price is most likely to fall further.
So back to the chart, we see that the price has already begun to fall since it broke below a rising trendline.
The price retraced, touched and shown resistance at the previously broken rising trendline again and fell.
Wait for the price to retrace a little further into the sell zone and look for reversal candle for a sell.
P.S. Do take note of important GBP news at 4:30pm.
It is clearly going on a downtrend and based on the candlestick formed yesterday, a long upper shadow pin bar,
the price is most likely to fall further.
So back to the chart, we see that the price has already begun to fall since it broke below a rising trendline.
The price retraced, touched and shown resistance at the previously broken rising trendline again and fell.
Wait for the price to retrace a little further into the sell zone and look for reversal candle for a sell.
P.S. Do take note of important GBP news at 4:30pm.
Comment:
Price is likely to reach 1.1320.
Trade closed: target reached:
Price fell beyond 1.3120 and sits on 1.3100 after a sharp pullback.
Very Good Trading!
Very Good Trading!
The news is yet to be released and will be in the next hour plus.
I would suggest waiting a little further for some kind of reversal to take place, or at least there is a clear sign of stopping to gain.
If you want to be aggressive, you may consider just risking half of your usual risk first.