GBPUSD Day Trade Analysis by Wave FX Academy (TARGET 1.2550)

FOREXCOM:GBPUSD   British Pound / U.S. Dollar
Hi Traders, Here's my thoughts on GBPUSD
Corrective market structure on the Daily timeframe with Daily and 4Hr support holding firm,
current price action on the 1Hr showing an active downtrend channel , and as such we could see a break down of the support structure the higher timeframes.
My overall bias is Short and to see price action hitting 1.2550.
I will however be monitoring the 1.2800 level (1Hr resistance)

I've labeled the areas based on what I will be anticipating.

An entry will be taken only if all rules of my strategy are satisfied.
Add this pair to your watchlist and see if the rules of your strategy provides an entry.
Like and Comment your thoughts . All feedbacks are welcome.

If you are new to FOREX trading, here are the definition for words you may seen mentioned above.

Price Action: Change in the price value of a traded instrument whether Forex, Commodities or Indices.

Market Structure: This is classified as any group of candlesticks placed together with the use of Support, Resistance and Trendlines . once grouped they would provide a pattern to indicate a possible movement in price action.

Support: Areas in the market where price tends to reverse after a sell off (lower price action)

Resistance: Areas in the market where price tends stop, pause or reverse after bull run (higher price action)

Uptrend: price action in the market creating a series of high highs and higher lows.

Downtrend: price action creating a series of lower lows and lower highs

Long: Taking a position to buy the base currency

Short: Taking a position to sell the base currency.


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