Cable at a Crossroads: A Bearish Case for Selling GBP/USD
Hello Traders!
👨💻 Technical: Similar scenario to EURUSD we had a nice shooting star close on the 4h and a nice push exhaustion cycle near the moving averages, but is that enough? well we still have not broken the 1h MA's which would make this trade from good to great, so we need to be careful about that. We also have a strong area of support market with a red line.
🎯 For an ideal entry: Same as eurusd, you either enter now and risk the 1h moving averages will be broken, or wait until they do break, have a push exhaustion and enter short.
👨💻 Technical: Similar scenario to EURUSD we had a nice shooting star close on the 4h and a nice push exhaustion cycle near the moving averages, but is that enough? well we still have not broken the 1h MA's which would make this trade from good to great, so we need to be careful about that. We also have a strong area of support market with a red line.
🎯 For an ideal entry: Same as eurusd, you either enter now and risk the 1h moving averages will be broken, or wait until they do break, have a push exhaustion and enter short.