GBPUSD is approaching a major weekly/daily structure.
1.338 - 1.348 is a strong supply area. Chances are high that we will see at least a pullback from that.
Our confirmation will be a bearish breakout of a rising wedge pattern (can be identified on 4h-10h charts). Wait for a confirmed violation with multiple candle closes outside that before you short.
Goals will be 1.32/1.3125
(in case of a daily candle close above the zone, setup will be invalid)
Good analysis, markets are pretty indecisive right now, trading activity is decreased.
VasilyTrader
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@muhammad_vahhaaj, thanks a lot brother 😊
AsgharZeinali
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except if it will pullback after 3 top
AsgharZeinali
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investing.com ; bullish. target 1.35
InkyGrip
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nice chart! thanks my friend! 👍🏻🦐🔝
gakto
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..
gakto
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1.34790 which will establish a dbl top and the short sellers will be rushing in as you alerted us to for a short play.
xsimon1
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Great idea... for the break and retest - is it more likely to retest horizontal support or trend line support? could it drop without retest?
Or wait till 4hr goes under 50ema?