GBPUSD - Momentum Shift Unfolding...?

OANDA:GBPUSD   British Pound / U.S. Dollar
Hey Traders,

Lately, the market has been somewhat bearish on the Sterling but we are approaching some very interesting levels across all GBP pairs.

Looking at Cable - the technicals are suggesting that we may see a shift in momentum following from this latest bearish leg. Depending on your style/strategy, there would be multiple ways on how to enter this position but it's important to understand where we are within the market cycle and the importance of these high value area's.

Keep an eye on a few scenarios;

1. Momentum shift from 1.2250 (Daily close above 1.2390 will set the trend)
2. Retest of 1.2250 before shift ( Double Bottom )
3. Last drive into 1.2200 (major support)

Turning our attention to EURGBP (inverse correlation), we have a similar story unfolding with PA approaching HTF major resistance within a noticeably corrective phase of the market. As we start to decelerate at 0.9180 we can now see the bearish momentum stepping in.

I'll be monitoring both pairs closely allowing PA to develop in a way which presents me with an entry based on my T plan criteria.

*The DXY has failed to take out last weeks highs but there is still further room for the Dollar to drive us into the 98.25 region.

Trade safe : )


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