Hello,
We have a nice confluence on this yellow support. The downside movement seems also a bit overextended so we can have a little bit of bullish pressure.
We also have divergences on the M30 timeframes so the bearish pressure starts to slow down a little bit.
I will wait for a confirmation on this zone (break of a descending channel, break of structure...)
Be careful, since this is Monday morning, the market can do lots of fake moves.
We have a nice confluence on this yellow support. The downside movement seems also a bit overextended so we can have a little bit of bullish pressure.
We also have divergences on the M30 timeframes so the bearish pressure starts to slow down a little bit.
I will wait for a confirmation on this zone (break of a descending channel, break of structure...)
Be careful, since this is Monday morning, the market can do lots of fake moves.
Comment:
Be careful with this one, GBP seems to be seriously bearish for now at the london open... Wait for a clear confirmation. What I advise you, is to wait for market structure shift. In this case, I would wait for the M5 to break the previous M5 high to go long on this zone. If it breaks this zone, my scenario will be invalid and I will wait for a better opportunity.