AREA OF CONFLUENCE - UPPER BAND DESCENDING TRIANGLE TESTED
GBPUSD OUTLOOK 14/10/2021
PRICE HAS MANAGED TO BREAK and CLOSE above 1.3660 AND TESTED THE UPPER BAND OF THE DESENDING TRIANGLE AT HIGH 1.3734.
Strong rejections is expected with fresh sellers here in confluence with the 61.8% FIB level of the high on SEPT 14th to SEPT 29th low.
PRICE REMAINS NEUTRAL TO SLIGHT BEARISH UNLESS A FIRM BREAK AND CLOSE ABOVE THE 61.8%(1.3721) AND RETEST IT AS SUPPORT INSTEAD. We will then set a buy order to 1.3912 target first before we scaling in 1.3982 in case price favours the upside.
For short term bullish, price should retrace and hold at area of previous resistance at 1.3660 - 1.3645 area and re-challenge 1.3730. Failure here again will probably see bearish scenario.
For Bearish scenario, BEARS will first target 1.3567. Firm break and close at level below 1.3567 is needed to turn bias to challenge low at 1.3410 before more dumps.
What is your opinion on GBP/USD ?
PRICE HAS MANAGED TO BREAK and CLOSE above 1.3660 AND TESTED THE UPPER BAND OF THE DESENDING TRIANGLE AT HIGH 1.3734.
Strong rejections is expected with fresh sellers here in confluence with the 61.8% FIB level of the high on SEPT 14th to SEPT 29th low.
PRICE REMAINS NEUTRAL TO SLIGHT BEARISH UNLESS A FIRM BREAK AND CLOSE ABOVE THE 61.8%(1.3721) AND RETEST IT AS SUPPORT INSTEAD. We will then set a buy order to 1.3912 target first before we scaling in 1.3982 in case price favours the upside.
For short term bullish, price should retrace and hold at area of previous resistance at 1.3660 - 1.3645 area and re-challenge 1.3730. Failure here again will probably see bearish scenario.
For Bearish scenario, BEARS will first target 1.3567. Firm break and close at level below 1.3567 is needed to turn bias to challenge low at 1.3410 before more dumps.
What is your opinion on GBP/USD ?