GBPUSD 30min Analysis December 17th, 2020
Price has been pushing to the upside this week for GBP but we are at the top of our ascending channel and price is a little over extended.
Trade Scenario 1: Bullish - If we are to look long we need to see a steep pullback to increase our RR. Wait for price to get back to the key monthly and .618 level around 1.352 before looking long. Enter on bullish engulfing/variation
Trade Scenario 2: Bearish - We need to see bears step in a push price down with conviction. Ideally below our key monthly at 1.352. We will then wait for a retrace after our initial push down and enter on further bearish engulfings/variations.
Trade Scenario 1: Bullish - If we are to look long we need to see a steep pullback to increase our RR. Wait for price to get back to the key monthly and .618 level around 1.352 before looking long. Enter on bullish engulfing/variation
Trade Scenario 2: Bearish - We need to see bears step in a push price down with conviction. Ideally below our key monthly at 1.352. We will then wait for a retrace after our initial push down and enter on further bearish engulfings/variations.