FX:GBPUSD   British Pound / U.S. Dollar
Last month’s bearish candle closed below a key weekly level. This month we have retested this level. EMA pointing down.

2 bullish candles past two weeks which have now hit resistance with the downwards facing EMA. This week we have a potential wick rejection off the EMA.

Yesterday,s candles closed above the weekly resistance which has now turned support. Today we are looking like we may potentially close below it with a hanging man candle stick formation. Wick has spiked through upwards facing EMA and tested a daily support level.

We are trading back below the weekly level and the EMAs. We saw a huge bearish engulfing which took out 6 days’ worth of price action. Which then followed by two bullish candles, the second candle rejected the weekly level and wicked straight through both EMA’s. Target set to the next daily support level. The last previous HL has also been taken out.
Trade closed: target reached:
Profit hit

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