GBPUSD on the daily chart is trading at the recent lows and tested the monthly support at the 1.21600.
The price after the last bearish impulse might carry on with the retracement to the upside and break the resistance at the 0.382 Fibonacci level
How can i approach this scenario?
The market tested the 1.2500 area and is now trading below a minor resistance.
I will look for a break of the structure and a possible test of the upper 0.618 Fibonacci level.
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Follow the Shrimp 🦐
Keep in mind.
🟣 Purple structure -> Monthly structure.
🔴 Red structure -> Weekly structure.
🔵 Blue structure -> Daily structure.
🟡 Yellow structure -> 4h structure.
⚫️ Black structure -> >4h structure.
Here is the Plancton0618 technical analysis , please comment below if you have any question.
The ENTRY in the market will be taken only if the condition of the Plancton0618 strategy will trigger.
The price after the last bearish impulse might carry on with the retracement to the upside and break the resistance at the 0.382 Fibonacci level
How can i approach this scenario?
The market tested the 1.2500 area and is now trading below a minor resistance.
I will look for a break of the structure and a possible test of the upper 0.618 Fibonacci level.
------
Follow the Shrimp 🦐
Keep in mind.
🟣 Purple structure -> Monthly structure.
🔴 Red structure -> Weekly structure.
🔵 Blue structure -> Daily structure.
🟡 Yellow structure -> 4h structure.
⚫️ Black structure -> >4h structure.
Here is the Plancton0618 technical analysis , please comment below if you have any question.
The ENTRY in the market will be taken only if the condition of the Plancton0618 strategy will trigger.
Comment:
the market broke the 0.382 level and is moving to our 0.618 as expected
