This is the Daily Timeframe.
KEEP IN MIND: This analysis is solely based upon Institutional Structure, nothing else.
When an impulse takes out a previous low, it creates a Break of Market Structure (BMS), showing signs of weakness. When a previous low has been violated, the swing high that was formed prior to the violation of the low turns into a Protected High (PH). This means that we expect the market to sustain bearishly and stay BELOW the Protected High.
GBP has kept breaking lows and creating new PH's whom none of them have yet been violated to the upside.
I expect GBP to keep moving lower. I am only bearish until we break a newly created PH to the UPSIDE, as this means that we might move higher. But as long as GBP keeps doing these moves we can expect GBP to weaken in the long run.
The Weekly timeframe is doing the exact same thing, and I expect GBP's price to go lower for the next months UNTIL we break a PH to the upside, showing signs of strength.
KEEP IN MIND: This analysis is solely based upon Institutional Structure, nothing else.
When an impulse takes out a previous low, it creates a Break of Market Structure (BMS), showing signs of weakness. When a previous low has been violated, the swing high that was formed prior to the violation of the low turns into a Protected High (PH). This means that we expect the market to sustain bearishly and stay BELOW the Protected High.
GBP has kept breaking lows and creating new PH's whom none of them have yet been violated to the upside.
I expect GBP to keep moving lower. I am only bearish until we break a newly created PH to the UPSIDE, as this means that we might move higher. But as long as GBP keeps doing these moves we can expect GBP to weaken in the long run.
The Weekly timeframe is doing the exact same thing, and I expect GBP's price to go lower for the next months UNTIL we break a PH to the upside, showing signs of strength.
Trade closed: target reached:
...Aaand there she melts. Hope you capitalized on the direction