Hey guys its your girl forex potatoe with another daily Forex analysis for GBPSEK. I trade any pair as long as the price action is textbook great to trade. Here is my analysis for GBPSEK i have actually been following this pair for some time as well. I just noticed i like to take reversal trades anyway lets get to business. This is a textbook break and retest strategy, as you can see with GBPSEK there was a head and shoulder reversal pattern and now price retraced to test the resistance as well as the trendline which makes it a strong signal to sell. I will enter this trade after a bearish engulfing candlestick as been formed but you can enter right here if you like to enter from the beginning or wait for more entry confirmations if you wish.
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Hi forex potato What do you think of GBP/SEK in the next coming days? Thanks.
ForexPotatoe
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@A184155, Hi there! Currently the direction is uncertain for now. More patience is needed for the true direction to reveal itself. If the break and retest is going to hold we need to see price go below the resistance again cause it’s currently floating in between buy and sell as the prominent trend is actually a buy trend. So we need more evidence and tons of patience and waiting to be sure of the real direction its headed. Thanks for the question I hope you get it?
What do you think of GBP/SEK in the next coming days?
Thanks.