Hello traders,
This is my forecast of GBP/USD for August 12th 2021. On the daily we can see that we have been pushing down since the beginning of August but the last 2 days have been bullish for GU. Personally I am looking for sells more than buys because on the 4H we can see that we have a bearish downtrend going on so most likely we will be pushing down further. I am waiting for the break of 1.38550 to sell the market down with momentum to atleast 1.38305 this is where I have set my first Target 1. If the momentum stays with us we can even sell the market 1.38090 where I have set another Target 1 for us. When we reach the 1.38050 I am at the same time looking for any kind of buy signals from the market. As the last time market pushed that much down it spiked to the upside so it could be a possible order block. Also we broke the downtrend structure which indicates a depletion of bearish presence.
If the bullish momentum kicks in, ofcourse I have a plan for that too! I set 1.38852 to 1.38913 as a no trade zone because the range is too small to trade with - only 7 pips. I am looking for buys above 1.38943 as we have pretty clean candles to the left inside.
This was my forecast of GU for August 12th, have a great day and make some gains traders!
LoneFX
This is my forecast of GBP/USD for August 12th 2021. On the daily we can see that we have been pushing down since the beginning of August but the last 2 days have been bullish for GU. Personally I am looking for sells more than buys because on the 4H we can see that we have a bearish downtrend going on so most likely we will be pushing down further. I am waiting for the break of 1.38550 to sell the market down with momentum to atleast 1.38305 this is where I have set my first Target 1. If the momentum stays with us we can even sell the market 1.38090 where I have set another Target 1 for us. When we reach the 1.38050 I am at the same time looking for any kind of buy signals from the market. As the last time market pushed that much down it spiked to the upside so it could be a possible order block. Also we broke the downtrend structure which indicates a depletion of bearish presence.
If the bullish momentum kicks in, ofcourse I have a plan for that too! I set 1.38852 to 1.38913 as a no trade zone because the range is too small to trade with - only 7 pips. I am looking for buys above 1.38943 as we have pretty clean candles to the left inside.
This was my forecast of GU for August 12th, have a great day and make some gains traders!
LoneFX