Mid-Term Bearish Setup on GBPUSD to 1.3 12/13/2020
BIG PICTURE:
Price is trading below HTF VWAP and 50 EMA on multiple time frames. Bearish GBP overall based on uncertainty going on in the brexit negotiations. on top of that there is a pandemic going on. DXY is facing uncertainty and lack of confidence as well because of the election.
INTRADAY FUNDAMENTALS:
price is trading below 50 EMA on 4 HR and below VWAP. indication of bearish momentum and trend. also volume. RSI supports downtrend as it is trading below the stationary 50 and on the daily supports a pullback to the stationary 50 which at least indicated a potential bearish push on the higher times as well.
TECHNICAL ANALYSIS:
1.32 is key support
1.325 is minor resistance compared to 1.33 which held as previous range support. looking for a specific price behavior around 1.325 to see if it becomes new found resistance or to go short at 1.33. 1.33is in confluence with range support in addition would also be a 50% retracement from the swing high to swing low
HTF/ TA:
Refer to link attached with associated trade idea markup
RISK MANAGEMENT:
.25% 3 tier LOW RISK
tier 1: .08%
tier 2: .16%
tier 3: .24%
scale in accordingly. size up on break and hold below 1.32 and short 1.3
Price is trading below HTF VWAP and 50 EMA on multiple time frames. Bearish GBP overall based on uncertainty going on in the brexit negotiations. on top of that there is a pandemic going on. DXY is facing uncertainty and lack of confidence as well because of the election.
INTRADAY FUNDAMENTALS:
price is trading below 50 EMA on 4 HR and below VWAP. indication of bearish momentum and trend. also volume. RSI supports downtrend as it is trading below the stationary 50 and on the daily supports a pullback to the stationary 50 which at least indicated a potential bearish push on the higher times as well.
TECHNICAL ANALYSIS:
1.32 is key support
1.325 is minor resistance compared to 1.33 which held as previous range support. looking for a specific price behavior around 1.325 to see if it becomes new found resistance or to go short at 1.33. 1.33is in confluence with range support in addition would also be a 50% retracement from the swing high to swing low
HTF/ TA:
Refer to link attached with associated trade idea markup
RISK MANAGEMENT:
.25% 3 tier LOW RISK
tier 1: .08%
tier 2: .16%
tier 3: .24%
scale in accordingly. size up on break and hold below 1.32 and short 1.3
