1οΈβ£ Channel resiatnce-H4-Megaphone structure 2οΈβ£ November high & September high acting as strong resistance 3οΈβ£ 1.35000 acted as strong resistance 4οΈβ£ 1.34000 will act as key psychological resistance 5οΈβ£ Price below .78.6 Fibonacci retracement level 6οΈβ£ medium term upward pressure 7οΈβ£ Technical support - Bear 8οΈβ£ Price is well above POC-VOLUME 9οΈβ£ 1.29400 Immediate resistance/swing target area π Price movement within rising channel was expected #οΈβ£ Overall bearish trend
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π Technical bias-H4-Bearish
Below 100,50 Exponential moving average 200 acting as immediate resistance( Current level 1.32150) Ichimoku-cloud is about to turn red-Price below the cloud Cloud resistance Bollinger band- Price is around middle band-Minor rebound expected after reaching the lower side of the band RSI- well below the neutral area - approaching oversold territory MACD-Still below the middle line, Red zone territory Stochastic - Reached 25 level about to cross-Short term bullish trend was expected
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Key reversal area's 1.35000 Key psychological level 1.31800 October month high 1.35350 2020 high level 1.33500 .786 Fibonacci level 1.32000 Key psychological level 1.30700 Lower channel trend line reversal zone 1.34780 Year 2020 High 1.28638 October month low 1.33970 November month high
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Bearish entry #GBPUSD
Entry price - 1.33300
Take profit 01 - 1.32300 (100 pips) Take profit 02 - 1.31100 (190pips)
π« Stop lose 1.33800 (50 pips)
β¬οΈ 1.65% Drop expected β€΄οΈ Account growth 0.38 : 1.65 β Risk reward ratio 1 : 4
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