GBPUSD HAS HIST 1.27% EXTENSION
Hey there.
I've been mulling this over over the weekend.
Price has closed about the 4HR resistance, but has also rejected off of the weekly down trend line and hit the 1.27 extension.
Upon further analysis, the first retracement of the initial move up was only at 23.6%, so price is rightfully stalling at the 1.27% level.
I see two potential outcomes of this pair.
1. Price will either reject from this level and travel to at minimum the 38.2 level.
2. Price will need to break through the down trend line and retest to give me confirmation to enter for the buy.
We of course will have to watch the market to see what it will do, but my bias on this pair is that it has been overbought and many of the past retracements were shallow, so a deeper retracement is necessary.
I've been mulling this over over the weekend.
Price has closed about the 4HR resistance, but has also rejected off of the weekly down trend line and hit the 1.27 extension.
Upon further analysis, the first retracement of the initial move up was only at 23.6%, so price is rightfully stalling at the 1.27% level.
I see two potential outcomes of this pair.
1. Price will either reject from this level and travel to at minimum the 38.2 level.
2. Price will need to break through the down trend line and retest to give me confirmation to enter for the buy.
We of course will have to watch the market to see what it will do, but my bias on this pair is that it has been overbought and many of the past retracements were shallow, so a deeper retracement is necessary.
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